In the past week, President Trump has dominated movements on financial markets. Threatened tariff increases and the breakdown of potential ceasefire talks over the war in Ukraine amplified concerns about a marked slowdown in US economic activity. Equities fell, bond yields declined, and the Dollar strengthened. Domestically, haggling within the Cabinet over how to fund the fiscus in the absence of a 2% VAT hike continued, leaving uncertainty in the run-up to the second attempt at an annual Budget. All these influences are likely to continue in the coming week.