I know what you’re thinking: you’d have to be crazy to believe we’ve seen the last of potentially market-crunching pronouncements from the Trump administration. The sharemarkets aren’t so much gripped by complacency as blind hope.

And yet, from its recent bottom on April 8, the S&P 500 rose by 19.7 per cent over the following 28 trading days and is currently only 3 per cent from its all-time high.