The S&P 500 ended March with its steepest monthly decline in more than two years, driven by uncertainty about the scope of President Trump’s tariffs, which investors fear could accelerate inflation, slow consumer spending and stall the U.S. economy.

标准普尔500指数3月收盘时创下两年多来最大单月跌幅，这是由特朗普总统关税范围的不确定性所导致，投资者担心这可能会加速通货膨胀，减缓消费者支出，并使美国经济陷入停滞。

After a choppy session on Monday in which the index ended higher for the day, the S&P 500 registered a 5.8 percent decline in March, its worst month since December 2022, when the Federal Reserve embarked upon a series of sharp interest rate increases as it sought to tame inflation. The decline in March caps off the S&P 500’s worst quarter at the start of a president’s term since President Barack Obama took over in 2009 during the financial crisis.

在震荡的周一交易日中，标准普尔500指数全天收高，3月份该指数下跌5.8%，是自2022年12月以来最糟糕的一个月，当时美联储开始一系列大幅加息，以抑制通货膨胀。标普500指数3月的下跌为自2009年奥巴马在金融危机期间上任以来，新总统开局表现最差的一个季度画上了句号。

The benchmark is now down 8.7 percent from its mid-February peak, a downturn that is near a 10 percent “correction,” denting the values of portfolios and retirement funds across both Wall Street and Main Street. The technology-heavy Nasdaq Composite index, which has already slipped into a correction, ended the month down 8.2 percent.

该指数目前较2月中旬的峰值下跌8.7%，接近10%的“修正”，令华尔街和普通民众的投资组合以及退休基金的价值缩水。以科技股为主的纳斯达克综合指数本月收跌8.2%，该指数已进入修正。

Since taking office a little over two months ago, Mr. Trump has kept investors and companies guessing with a haphazard rollout of what he calls an “America First” trade policy. He has threatened, imposed and in some cases then paused the start of new tariffs on goods coming into the United States.

自两个多月前上任以来，特朗普以随意的方式推行他所谓的“美国优先”贸易政策，让投资者和企业琢磨不透。他对进口到美国的商品时而威胁征收关税，时而实施关税措施，有时又暂停新关税的实施。

Whiplash over trade policy has fueled market volatility in the first few months of the year. Mr. Trump’s next round of tariffs, set to be unveiled on Wednesday, could bring additional market swings in the coming days.

今年头几个月，围绕贸易政策的反覆无常加剧了市场波动。特朗普定于周三公布的下一轮关税可能会在未来几天带来更多的市场波动。

“That’s what the market is hoping for after April 2: Give us what you’re going to give us, tell us what’s going to happen and we will then try to figure it out,” said Steve Sosnick, the chief strategist at Interactive Brokers. “But until then, it’s very difficult to invest.”

“这就是4月2日之后市场所希望看到的：告诉我们你会给我们什么，让我们知道会发生什么，然后我们会想办法应对，”盈透证券首席策略师史蒂夫·索斯尼克说。“但在此之前，很难进行投资。”

Stocks had rallied in the wake of Mr. Trump’s election, buoyed by Wall Street’s hopes for deregulation and tax cuts. But the post-election rally lost steam as tariffs began to take center stage in Mr. Trump’s early economic policy priorities.

在特朗普当选后，华尔街曾对放松管制和减税抱有希望，股市因此大涨。但随着关税开始成为特朗普早期经济政策优先事项的中心，大选后的涨势失去了动力。

More recently, Mr. Trump has acknowledged but dismissed the potential financial hit to consumers and businesses from sweeping tariffs, eroding hopes that shaky markets would cause him to reconsider his actions. On Saturday, Mr. Trump said he “couldn’t care less” about the prospect of higher car prices in an interview with NBC’s “Meet the Press.”

最近，特朗普承认全面征收关税对消费者和企业可能造成财务冲击，但对此却不以为意，这削弱了人们对动荡的市场会促使总统重新考虑其行动的希望。周六，特朗普在接受NBC的“与媒体见面”节目采访时表示，他“一点也不在乎”汽车价格上涨的可能性。

Investor optimism about the U.S. markets peaked at the start of the year, as investors anticipated more business-friendly policies, said Lauren Goodwin, an economist at New York Life Investments. But those hopes are being questioned, she said, pointing to high levels of uncertainty — not just on tariffs but also related to Mr. Trump’s immigration policies, which are clouding the outlook for the labor market.

纽约人寿投资公司的经济学家劳伦·古德温说，投资者对美国市场的乐观情绪在年初达到顶峰，因为他们预计会出台更多有利于企业发展的政策。但她说，这些希望正在受到质疑，她指出，存在高度的不确定性——不仅在关税方面，还与特朗普的移民政策有关，后者给劳动力市场的前景蒙上了阴影。

“From an economy that was at risk of overheating from all the good things happening, that’s an almost 180 degree shift in one quarter,” Ms. Goodwin said.

古德温说：“一个由于各种利好因素面临过热风险的经济，在一个季度内发生了几乎180度的转变。”

Analysts at Goldman Sachs cut their forecast for the S&P 500, citing “higher tariffs, weaker economic growth and greater inflation than we previously assumed” in a note on Sunday. They expect the index to fall another 5 percent in the next three months. The downturn could be deeper if the U.S. economy slipped into recession, which the analysts give a roughly one-in-three probability.

高盛分析师在周日的报告中下调了对标普500指数的预期，理由是“关税上调、经济增长放缓和通胀高于我们此前的预期”。他们预计，该指数在未来三个月内将再下跌5%。如果美国经济陷入衰退，经济下滑可能会更加严重。分析师认为，这种情况的概率约为三分之一。

Investor anxiety has been reflected in other markets. The price of gold hit another record high, trading at around $3,150 per ounce on Monday. Gold is often sought by investors during times of turmoil. Traders also parked money in relatively safe U.S. government bonds, pushing the yield on the 10-year Treasury note below 4.2 percent, a sign of investors’ concerns about economic growth.

投资者的焦虑情绪也反映在其他市场上。周一，黄金价格再创新高，达到每盎司3150美元左右。在市场动荡时期，投资者往往会追捧黄金。交易商还将资金投入相对安全的美国国债，推动10年期国债收益率跌破4.2%，这显示投资者对经济成长的担忧。

Expectations for interest rate cuts from the Federal Reserve have nudged higher, with investors now betting on three cuts this year, according to CME FedWatch. The Fed has opted to pause until it gets more clarity about what Mr. Trump will enforce and how consumers and businesses will respond. Most Fed officials are bracing for higher inflation and lower growth this year.

根据CME FedWatch的数据，对美联储降息的预期有所上升，投资者目前押注美联储今年将进行三次降息。美联储已选择暂停降息，直到更清楚地了解特朗普将执行什么措施，以及消费者和企业将做出怎样的反应。大多数美联储官员都在为今年的通胀率上升和经济增长下降做准备。

On Monday, stocks in Japan and Taiwan fell more than 4 percent, while share prices in South Korea were down 3 percent. The Nikkei 225 index in Japan fell into a correction, down 12 percent from its high in late December. Technology companies were hit hard: The chipmakers Taiwan Semiconductor Manufacturing Company, SK Hynix, Samsung and Tokyo Electron recorded declines.

周一，日本和台湾股市下跌超过4%，韩国股市下跌3%。日本日经225指数从去年12月底的高点下跌了12%，进入修正。科技公司受到重创：芯片制造商台积电、SK海力士、三星和东京威力科创均录得下跌。

Losses in China were more muted. Hong Kong stocks dropped more than 1 percent, and those in mainland China were about 0.5 percent lower. Mainland stocks got some support from a report signaling that China’s export-led industrial sector continues to expand despite Mr. Trump’s initial tariffs.

中国股市的跌幅则较为温和。香港股市下跌超过1%，中国大陆股市下跌约0.5%。一份报告显示，尽管特朗普实施了初步的关税措施，但中国出口导向型工业部门仍在继续扩张，这给大陆股市带来了一些支撑。

Markets in Europe also slumped, with the Stoxx 600 index falling 1.5 percent. German automakers, which are particularly exposed to U.S. tariffs, extended recent losses: Volkswagen, Europe’s largest carmaker, dropped more than 3 percent in Frankfurt.

欧洲股市也出现下跌，斯托克600指数下跌1.5%。特别容易受到美国关税影响的德国汽车制造商近期的损失扩大：欧洲最大的汽车制造商大众汽车在法兰克福的股价下跌逾3%。

At one point on Monday, the S&P 500 had fallen more than 1 percent, but it ended the day up slightly.

周一，标普500指数一度下跌超过1%，但收盘时小幅上涨。

Mr. Trump has imposed tariffs to make imports more expensive in industries like automobiles, arguing that the trade barriers will spur investment and innovation in the United States. He has also used tariffs, and their threat, to try to extract geopolitical concessions from countries. He has further unnerved investors by saying he does not care about the fallout of his actions on markets or American consumers, who will have to pay more for many goods if import prices rise.

特朗普征收关税，使汽车等行业的进口产品更加昂贵，他认为贸易壁垒将刺激美国的投资和创新。他还利用关税及其威胁，试图迫使各国在地缘政治上做出让步。他说，他不关心他的行动对市场或美国消费者的影响，如果进口价格上涨，美国消费者将不得不为许多商品支付更高的价格，这进一步令投资者感到不安。

Over the weekend, Mr. Trump ramped up the pressure, threatening so-called secondary sanctions on Russia if it does not engage in talks to bring about a cessation of fighting in Ukraine. The tactic echoes similar sanctions concerning Venezuela. He said last week that any country buying Venezuelan oil could face another 25 percent tariff on its exports to the United States.

周末期间，特朗普加大了施压力度，威胁称，如果俄罗斯不参与旨在实现乌克兰停火的谈判，将对俄罗斯实施所谓的二级制裁。这一策略与针对委内瑞拉的类似制裁相呼应。他上周表示，任何购买委内瑞拉石油的国家出口到美国的产品都可能面临另外25%的关税。

The threats over the weekend came on top of tariffs of 25 percent on imported cars and some car parts set to be put in place this week, barring any last-minute reprieve. That’s in addition to previously delayed tariffs on Mexico and Canada, as well as the potential for further retaliatory tariffs on other countries.

周末的威胁是在对进口汽车和一些汽车零部件征收25%关税基础上发出的，除非在最后一刻得到缓解，这一25%关税将于本周生效。除此之外，美国还将对墨西哥和加拿大征收先前推迟的关税，并可能对其他国家征收进一步的报复性关税。

Adding to investors’ angst is the scheduled release on Friday of the monthly report on the health of the U.S. jobs market. It could provide another reading of how the Trump administration’s policy pursuits are weighing on the economy.

美国就业市场健康状况月度报告定于周五发布，这让投资者更加焦虑。该报告将进一步解读特朗普政府的政策追求对经济的影响。

“I hear it from nearly every client, nearly every leader — nearly every person — I talk to: They’re more anxious about the economy than any time in recent memory,” Laurence D. Fink, the chief executive of the asset management giant BlackRock, wrote on Monday in his annual letter to investors. “I understand why. But we have lived through moments like this before. And somehow, in the long run, we figure things out.”

“我几乎从每一位客户、几乎每一位领导人——几乎每一个与我交谈过的人那里听到的都是：他们对经济的担忧达到了近年来的最高水平，”资产管理巨头贝莱德的首席执行官劳伦斯·芬克在周一致投资者的年度信件中写道。“我明白为什么。但我们以前也经历过这样的时刻。不管怎样，从长远来看，我们会解决问题的。”