IN ITS SCOPE and severity, the commerce warfare took markets abruptly. On April third, the day after President Donald Trump laid out an unprecedented array of tariffs, the Russell 3000, one of many broadest measures of the American stockmarket, fell by 5%. It then fell by 6% on April 4th, when China introduced that it could strike again with an obligation of 34% on all American items. Market pricing in a variety of asset lessons tells a worrying story: traders predict a extreme financial slowdown.
