Trump's decision was the latest is a series of market-wrenching moves that have taken place since the president announced a series of tariffs on April 2. Stock market declines and a sell-off in U.S. bonds sparked some fears that the U.S. might be headed for a recession.

Stock-market investors hope President Trump’s April 2 tariff announcements will provide much wanted certainty. They shouldn’t count on it.

The S&P 500 (SNPINDEX: ^GSPC) has plunged 17% from the record high it reached in February, putting the index deep in market correction territory. The decline was caused by the radical change in U.S. trade policy pushed by President Trump,