Fears of a rapid downturn in the world’s largest economy – a so-called “Trumpcession” – are starting to permeate financial markets amid concerns about the fallout from US President Donald Trump’s hefty trade tariffs and slashing of government spending.

After a slew of weaker economic data out of the United States, Bank of America’s real-time GDP tracker shows the US economy is shrinking fast, with the measure falling to 1.7 per cent this quarter, from 2.3 per cent in the previous three-month period.