For markets, it’s the unpredictability that’s going to kill you

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The US stock market absolutely hates President Donald Trump’s tariff proposals. The day after they were announced, the S&P 500 fell 5 per cent, its worst day since 2020, and the pain continued on Friday. Tech stocks, small companies and banks are getting the worst of it. At one level, this is easy to explain: everyone agrees that tariffs will increase costs for US…