You have to love Donald, share market meltdowns, bond market declines and the undermining of the US dollar as a reserve currency. The erratic and self-centered President has caused mayhem in financial markets with economists predicting a 60% chance of a recession.

Another stunning backdown after his earlier capitulation on tariffs, with the exception of China, all countries will now pay a 10% tariff on imports. The Trump Administration has now rolled back tariffs on China including electronic components such as semiconductors, smartphones, computers and other electronic goods. The Trump Administration has listened to the concerns of Silicon Valley and as a result we have another high profile backdown by the Trump Administration.

Trump rattled on that world leaders were kissing his arse in a press conference, this was another misleading statement. Bond market leaders have instead kicked Trump’s arse, he is looking pretty stupid in front of MAGA supporters. Yet, they still believe Trump is saving America and saving the world, the greenback is losing its status as the world’s reserve currency. This is clearly a poorly conceived policy, there has not been a proper and comprehensive business plan. Everyone can see Trump and his advisors [notably Peter Navarro] are making it up as they go and have not taken all precautions that a detailed plan should.