The S&P 500 has dropped more than 10% below its record following President Donald Trump’s latest escalation in his trade war. The S&P 500 earlier sank as much as 1.5% Tuesday before paring its loss to 1.

Has Donald Trump lost the plot?For a man whose very election to the US presidency was occasioned by his promise to be a safe hand at the tiller of the nation’s wealth, he suddenly appears to have forgotten that – in the 1992 words of President Bill Clinton’s adviser James Carville – it’s all about “the economy,