Ten weeks ago, the US and global economic and market outlook was constructive – it was not great, but there were signs that Europe was bottoming out and that China was stepping up to support its economy.

There was a view that US President Donald Trump would take a pragmatic approach to his trade proposals, given his pro-market stance. We, like almost every other investor on the planet, underestimated Trump’s resolve to reshape global trade and just how far he appears willing to go to do this.