US President Trump’s shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs. US equity index futures tumbled more than 4% after Trump announced a sweeping series of tariffs, and a gauge of the US dollar slumped. But the impact elsewhere was less extreme. The Stoxx Europe 600 was down 1.9%, while the euro was up 2.2% against the US dollar, hitting its highest level since October. A broad gauge of Asian stocks fell as much as 1.7%. The widespread selloff in global markets makes clear that investors don’t expect any winners from the latest — and by the far the largest — salvo in a growing trade war. But they also suggest the US itself might be one of the biggest victims of Trump’s protectionist policies. …Overall, the US dollar headed for its worst day in over two years.

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