Since the start of this month, US President Donald Trump has forced wild fluctuations in public markets. The short-lived imposition of so-called reciprocal tariffs on America’s trading partners led to widespread sell-offs on domestic and international stock exchanges and brought the prospect of an imminent US recession into focus. But the American president blinked, undoubtedly moved by an alarming continuation of the sell-offs into the bond markets. Since then, the public markets have regained some confidence but the extent of the lasting damage to investor sentiment remains to be seen. The introduction of — and subsequent pause on — “reciprocal”…

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