The S&P 500 posted its largest quarterly loss in nearly three years, whipsawed by President Trump’s fast-evolving rollout of newly imposed trade tariffs with additional foreign-made auto import levies and broadbased “reciprocal tariffs” expected to be announced on April 2. Reciprocal tariffs refer to imposing U.S. trade levies generally matching what other nations charge on U.S. products. Investor sentiment reversed from January optimism over corporate deregulation and planned tax cuts to accelerating concerns over persistent inflation and a slowing economy.