It started with an election promise in 2016 and now threatens to be the major story of the US economy in 2018. It was a major pillar of Donald Trump’s election campaign that he would push to make trade fairer for America versus its global trading partners and that election pledge is now becoming a reality. The ramifications of the US president’s aggressive rhetoric and tit-for-tat trade tariffs has started to feed through into equity markets. As volatility has risen, so investment risk has also increased with each fresh round of tariff announcements. This month we consider the rationale for Trump’s actions and explore the implications of his policy for global markets both now and in the future.