Trump is going uber-hard on tariffs, as this column has long warned he would. And there is probably much more to come. Those weak-willed, yellow-bellied equity investors are not enjoying this difficult dose of Trumpian reality, which is crucial to his broader economic and geopolitical strategy.

The S&P500 has fallen 4.6 per cent while the Nasdaq has slumped 7.3 per cent. And there is a great deal of latent downside risk that lies in wait if our central case of a stagflationary future comes to pass.