The White House promised in its schedule for Donald Trump’s jabberwocky trade taxes last week that markets would have their opportunity to “respond as the impact of renewed American strength takes hold”. That response? A moment of extreme danger, as the president’s tariff onslaught sparks disorder and distress.

Just look at the crisis-sized drop in US stocks and rush to price in a US recession, with ripples across every asset class and every part of the world. Trump has not blinked over the weekend, which means this week has started no better, with huge drops in Asia and Europe.

This is bad enough. Savings pots and pension funds, as well as Americans’ precious and keenly watched 401k contribution plans, have taken a brutal hit. It is an episode of wanton, unnecessary and illogical wealth destruction that will cast a long shadow over the investment case for US markets.