The market has been through a housing crash, a dotcom bubble, a global pandemic, and the twin headwinds of the Russia-Ukraine war and runaway inflation in recent history, but no downturn caused by the policy of a U.S. president. That’s now changed.

“This is the Trump recession.”

Those were the words of a U.S.-based chief executive officer in response to a flash survey CNBC circulated among members of its CEO Council in the days after President Trump’s sweeping tariffs announcement Wednesday.