Though an abundance of news has whipsawed Wall Street during this timeline, including quarterly operating results, a U.S. debt downgrade, and geopolitical tensions in the Middle East, the one common link fueling this rollercoaster ride is President Donald Trump's tariff and trade policy.

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.

Trump has rolled back many of his steepest tariffs over recent months, including a sky-high levy on China, the top source of U.S. imports. In recent days, however, Trump announced plans to slap tariffs as high as 50% on dozens of countries, including 25% tariffs on top U.S. trade partners such as Japan and South Korea.

Starting August 1, President Donald Trump’s new tariffs will go into effect for a number of countries.