I certainly don't have a handle on everything that's been changing, but the idea I've been leaning on heavily is regime uncertainty.

When policies that affect businesses are in rapid flux, those businesses pause long-term economic activities. The reason is that, depending which way the policies stabilize, long-term projects may become sources of loss and businesses don't want to lock that in.

One way that would manifest is not buying a bunch of durable goods that you may not need under plausible sets of future policies.