Trump’s biggest opponent right now isn’t China, it’s the S&P 500

President Donald Trump has spent the last three months tearing through Washington like a battering ram, but the one thing stopping him isn’t China, NATO, or Congress. It’s the S&P 500.

Since returning to the White House, he’s bulldozed federal agencies, grabbed more power, pissed off allies, and flipped trade deals. But none of those made him back off—until the stock market tanked.

Every time the market bleeds, Trump pulls the brakes. Earlier this month, he rolled out a bunch of tariffs, then slammed them into a 90-day pause days later when US stocks sank and bond investors started panicking.