Analysis: Trump's unshackled presidency puts him at the center of the economy

The president's unprecedented use of executive power has made him a driving force behind oil prices, the Federal Reserve's interest rates and more.

Japanese Prime Minister Sanae Takaichi embraced President Donald Trump on Thursday, and not just on policy grounds. The newly elected Japanese leader threw herself into the arms of the U.S. president when he greeted her at the White House.

"It is only you, Donald, who can achieve peace across the world," Takaichi said later as the two met in front of reporters in the Oval Office.

Beneath the flattery is an important truth. Trump is singlehandedly shaping the course of global events to a degree that far outstrips even the power he wielded in his first presidency. With his presidency unshackled, his military and other policy decisions are reshaping the economy in real time — and clouding the economic outlook.