Donald 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 the US President announced a sweeping series of tariffs following the market close on Wednesday, and a gauge of the dollar slumped. But the impact elsewhere was less extreme. A broad gauge of Asian stocks was down 1.7% at its lowest. European futures fell 2.4% before paring some of their losses.