Sounds crazy, but at first markets really thought Trump was bluffing about upending the global trade and tariff structure even as that, and more potent, kind of sabre rattling catapulted him to the White House once again.

But no more.

The assumption that the aggressive trade posturing was merely a negotiation tactic, just a means to strongarm China and other trading partners into more favourable deals, no longer holds. The events of the last few weeks, last few days especially, have proved that it is a whole lot more than just posturing.

The White House’s decision to escalate tariffs, double down on protectionism, and effectively abandon the stock market as a barometer of success has forced investors to reassess everything they thought they knew about this administration’s economic strategy. The result? A sharp pivot away from risk and into the safety of defensive assets.

Trump’s first term was defined by a near-obsessive focus on the stock market. Every record high in the S&P 500 was heralded as proof of his economic prowess. Market selloffs were met with carefully timed reassurances, tweets aimed at propping up investor confidence, and even pressure on the........

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