Rathbones' David Coombs: Trump's threats packing less of a punch

Credibility 'has taken a knock'

You put your left hand in, left hand out. In, out, the markets shake all about. The Hokey Cokey is what markets are all about these days.

US President Donald Trump's first few months have been action packed. There have been countless threats, backtracks, deals, arguments and a blizzard of executive orders. The effect on markets has been heavy and erratic. Investors have lurched from despair to euphoric relief and gone back round for another verse. The trade war has had by far the greatest impact. The tariffs announced in early April would have increased the average levy on imports into the US from 2% to roughly 23%. It has not been higher than 10% since 1947. Equity inflows down £1bn in May as Europe enjoys 'best mon...