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The flare-up of an unforeseen “black swan” calamity is a bane of every CFO.

It’s also rare.

Yet in C-suites worldwide, a flock of such risks has come to roost this year as the Trump administration shakes up global trade, finance and post-World War II alliances.

The highest U.S. import duties since the 1930s risk stoking inflation and jumbling international supply chains. The whiplash from stop-start tariff announcements and Republican-backed legislation ballooning the federal debt have cast doubt on the dollar’s preeminence as a safe haven and reserve currency.

The White House includes on its to-do list the stuff of Hollywood fiction, such as the U.S. annexation of Canada, Greenland and the Panama Canal.

The upshot: Risks to CFO planning are bigger — and more frequent and inter-woven — than ever before, often spreading across global markets, according to Richard Chambers, senior advisor at AuditBoard, a provider of audit management software.

The shake-up in U.S. policy this year “is the next page in the chapter of perma-crisis that we’ve been living through since 2020” and the start of the pandemic, Chambers said in an interview.

“Foundational rules for risk management have been fundamentally altered forever,” according to Chambers, the former CEO of the Institute of Internal Auditors.

Before President Donald Trump took office in January, CFOs faced an array of severe risks that loomed outside direct federal control, including cyberattacks, climate change, the outbreak of a new pandemic or the spread of fighting in Ukraine and the Middle East.

This year many new hazards for CFOs stem from government policy shifts by a single decision maker — Trump.

“What is surprising is how quickly and how aggressively they’re all being implemented simultaneously,” Chambers said.

Federal Reserve Chair Jerome Powell has repeatedly said that proposed changes to U.S. trade, immigration, fiscal and regulatory policies create a degree of uncertainty that has stymied forecasters and prompted the central bank this year to forgo cutting borrowing costs.

In April, uncertainty over U.S. economic policy hit the highest level in four decades, surging nearly five times from just before the November national election until shortly after the “Liberation Day” announcement of tariffs on April 2, according to an index from the St. Louis Fed.

The index, which has declined with the easing of U.S.-China trade tensions, measures the frequency of news articles mentioning economic uncertainty and policy, and disagreement among forecasters over future inflation and government spending.