American President Donald Trump’s policy choices since he took office in January have seesawed, confusing markets. Tariffs have been declared on some of the US’ closest trading partners, but then withdrawn or postponed. However, few still doubt that Mr Trump intends to impose tariffs, rather than just threatening them as a negotiation tactic. The eventual timeline, extent, and applicability of these duties are still unknown, however. This makes their impact on any particular sector or the US economy as a whole hard to predict, and is weighing on sentiment. In fact, some in the US are now beginning to fear