Not to the same extent, but during his first term, his administration had issues with Canada, Mexico, Europe/UK, NATO, China, etc. Tariffs were a thing back then already. And he was elected again. Clearly it wasn't a huge issue for those who are bothered to go out and vote.
In any case, for everyone else, it's the second time in 10 years that they have to play the waiting game until it's over. It's good to be optimistic, but when you're in charge of a country, you can't just plan for the best and rely on hope alone. Same if you run a company or and even with services you as individual use.
Regarding memories, I don't know about the markets, but in Europe I think it will take a few years for everyone to forget that in 2026 Denmark had to transfer blood reserves to Greenland and that different European countries deployed tripwire forces because of... the US of A. Do you know who triggers similar responses? Russia, when they start saying that their borders are fluid.