Much of the uncertainty stems from Trump's shifting tariff policy -- effective dates have changed, as have the sectors being targeted -- as businesses and investors try to puzzle out what will come next.
Kevin Hassett, Trump's chief economic advisor, was asked on ABC whether tariffs were primarily temporary or might become permanent.
Hassett said that depended on the behavior of the countries targeted. If they failed to respond positively, he said, the result could be a "new equilibrium" of continuing tariffs.
The administration has insisted that while the economy will pass through a possibly bumpy "transition," things are headed in a positive direction.
In his State of the Union message on Tuesday, Trump told Americans to expect "a little disturbance" as tariffs take hold, while adding: "We're okay with that. It won't be much."