It’s hard to price in the unpredictable.

That’s the market’s dilemma with Trump’s second coming. While some optimistic investors may still dream of a “Trump put” redux, the man clearly isn’t reading from the same script. His tariffs and tax cuts – especially their shapes, sizes and implications – are no longer just rhetorical threats.

From floating a 10pc blanket import duty to calling for 60pc tariffs on Chinese goods and 100pc on EVs, Trump has made it clear he sees trade war as economic strategy—not the exception, but the policy. Markets may still be banking on a familiar deregulatory boom, but what if they’re mispricing a volatility regime?

The dollar’s supremacy, long seen as unshakable, is starting to look more conditional. Even longtime skeptics of de-dollarisation have begun to ask if something’s shifting. The US still accounts for a quarter of global GDP and much of world trade is still settled in greenbacks. But lately, more eyes are on the political risk side of the ledger. Can investors afford to shrug off a future where US policy whipsaws based on one man’s mood?

Recent moves suggest they’re not so sure.

Foreign central banks have trimmed their Treasury holdings. The dollar’s share of global FX reserves has slipped to its lowest in over two decades.

Japan’s once-reliable........

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