Over the last few months the Trump administration has suffered a series of resignations from top ranking officials. This has impaired its functioning and will undermine Mr Trump’s ability to follow through on his fiscal, trade and investment agenda. The developments should be of concern not only to the American people but the rest of the world as well. Global investor sentiment and corporate strategy over the last few months has been anchored around expectations of tax cuts, import tariffs and infrastructure creation in the US. It was believed that the ensuing investment flows would lead to a strengthening of the dollar, a rise in American interest rates and eventually a return to high growth in the world’s largest economy. These assumptions no longer look convincing. Read More…