Tariff uncertainty and recession fears just drove U.S. stocks to one of their worst quarters in years.

Why it matters: A sharp decline in stocks used to be enough to get President Trump to change his policy positions — but these are different times.

By the numbers: The S&P 500 ended the first quarter down 4.6%, while the tech-heavy Nasdaq dropped 10.4% and the broad Russell 3000 fell 5%.