Three months after President Donald Trump's sweeping global tariffs led markets to plunge and then rebound ferociously, investors are grappling with the fallout from the still-shifting trade backdrop and adjusting strategies to withstand sudden policy shifts.

President Donald Trump unveiled his most sweeping volley of tariffs yet — holding up large charts from the White House Rose Garden to outline new import taxes that the U.S. would soon slap on goods from nearly every country in the world.