The spectre returns – President Trump and his tariffs. The announced levies on goods — largely presumed to be against China — have unsettled the market.  The tech-heavy NASDAQ Index ended February with a 5.5% drop, influenced by a 5% drop experienced this week as Nvidia shares whipsawed. Similarly, the S&P 500 Index also fell 2.5% this week, erasing much of the January gains. Volatility continued, as Trump’s 25% tariffs on goods from Mexico and Canada took effect on 3 March. An additional 10% duty on Chinese goods brought the total amount of new tariffs on China to 20%. The fear was not groundless – during the first administration of Trump, tariffs cost China 1.5% of its GDP in 2018 - 2019. Estimates are that full implementation of the proposed tariffs of 60% would still be painful for China, but it would also likely be inflationary for US businesses and...