Senator Elizabeth Warren said that President Donald Trump’s moves to dramatically cut federal regulatory agencies would leave consumers and markets vulnerable to fraud and corruption, magnifying vulnerabilities to a financial system already beset by uncertainty in the face of the White House’s tariffs.

Some on Wall Street who counted on President Donald Trump to revive dealmaking are now biting their tongues.

Less than eight weeks later, the tables have turned. Those who witnessed Trump’s speech are now in damage-control mode as the trade war he unleashed on April 2 has destabilised financial markets and caused fears of inflation and a looming recession.