Leaders| Greenback feedback
Trump’s erratic policy is harming the reputation of American assets
Like the stockmarket, the dollar is also suffering from falling confidence and rising confusion
Dollar bills
Photograph: AP
PRESIDENT DONALD Trump’s bullying of America’s allies and neighbours may appeal to the maga base. Unfortunately, investors feel otherwise. Confidence in the prospects for the American economy has been sapped and financial markets are sinking. The S&P 500 index of American stocks has dropped by 9% since its peak in February. Because Mr Trump’s on-again, off-again protectionism defies logic, their faith in his administration’s ability to steer the economy is evaporating.