IN ITS SCOPE and severity, the commerce battle took markets unexpectedly. 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 courses tells a worrying story: buyers predict a extreme financial slowdown.
