While President Trump's ever-evolving tariff policy isn't exactly helping markets right now, Morgan Stanley chief investment officer Mike Wilson says they aren't the root cause of economic uncertainty.

What is truly causing analysts and economists to pause is the realization that the White House "doesn't care" about the stock market, Wilson said.

Ahead of his inauguration the stock market was one of President Trump's favorite talking points , and he often attributed the gains made in 2024 to confidence in his election win.

Speaking after he won the Oval Office, the rhetoric continued. For example, in early January he told reporters: "Since my election, the stock market has set records. The S&P 500 index has broken above 6,000 points for the first time ever, never even close.”

Yet in more recent weeks with criticism of his tariff plan piling up, President Trump has been relatively less occupied with the health of the market—even admitting there will be "a little disturbance, but we're okay with that."

Wall Street is certainly not okay with it, however: The market has corrected itself from its peak in November last year, with GDP expectations being revised down and inflation figures being bumped up.

Speaking on CNBC's Fast Money, Wilson explained: "Everybody's talking about tariffs right now but the reason markets are lower over the course of the last three or four months has nothing to do with tariffs.

"It's mostly to do with the fact that earnings revisions have rolled over, the Fed stopped curling rates, you had stricter enforcement on immigration, you have DOGE. All those things are growth negative. And then tariffs are the final piece that…got people really bearish in the end."

But the typically bearish investment officer added: "I would say the thing that really got the S&P going down at the very end was when it became clear that the president does not care about the stock market, at least for now. That lack of a Trump put was really new news to people."

Wilson's take is a far cry from Wall Street's initial jubilation over Trump's election, when JPMorgan CEO Jamie Dimon said bankers would be "dancing in the street" as they learned that the regulation-adverse, business-friendly politician would be in the Oval Office.