It’s been building for a long time, but worries about the destabilising and economically destructive potential of Donald Trump’s trade policies seem to have come to a head at the end of the month, rippling across all asset classes. Europe is feeling the effect of threatened 25% U.S. levies with stocks sliding yesterday and futures pointing to more losses today, while the euro has slipped to deeper two-week lows against the dollar. Big declines in Canada’s currency show little sign of abating as it marked a fresh 3 1/2-week low, with Trump clarifying that 25% duties are still set for next week, after earlier appearing to offer another one-month extension to the deadline.