The Donald is back. Tariffs on Canada. Tariffs on Mexico. Or not. Maybe. Peace in the Middle East. Casinos in Gaza. Or not. Maybe. A deal with Putin. An abandoned Ukraine. Or not. Maybe. Politics used to be the art of the possible, but in the White House it’s now just the three-card-trick. But even The Donald knows that markets don’t fall for tricksters for long. Almost 25 years ago, the costly plans of President Bill Clinton proved short-lived. Bond investors baulked at the increasing budget deficit, driving bond yields higher and forcing a swift re-think in the Oval Office. …

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