Trump’s Chaos Hits 53 Tariff U-Turns, a $60M Pool, and a Qeshm Island Strike
A second Trump term defined by market swings, trade reversals, and military action: tariffs changed 53 times in 19 months, Treasuries posted their biggest rally since 2024, and the US struck Iran’s Qeshm Island on election eve.
President Donald Trump’s second term has brought a level of turbulence rarely seen in American politics, with fast-moving developments spanning trade, financial markets, and war [1]. Tariffs have been a central part of his policy, and a new report shows they have been changed 53 times in 19 months [2].
On the eve of the US election, the United States struck Iran’s Qeshm Island, according to Washington. Officials described the attack as a defensive measure, saying it responded to Tehran’s potential use of surface-to-air missiles. Oil prices stayed steady after the news [6].
In financial markets, US Treasuries surged to close October with their biggest rally since 2024 as investors rushed into government bonds. The strong finish capped a month of heavy buying, with prices rising sharply and yields falling. Investors moved money into US government debt amid shifting market conditions, marking the largest monthly rally for Treasuries in roughly two years [4].
The upheaval has also reached people, not just markets. Iranian scientists working in the United States are confronting major disruption as shifting policies and heightened scrutiny reshape their careers and daily lives, affecting researchers who have built professional lives in American institutions [3].
Back in Washington, Trump inaugurated the newly renovated Lincoln Memorial Reflecting Pool in his final appearance before the midterm elections. The project cost ten times more than originally estimated, while opinion polls show voters disapprove of the president’s economic policies [5].