How do you invest in a company when the chairman calls his own chief financial officer (CFO) a “major loser”? That is what US President Donald Trump called Federal Reserve chairman Jay Powell, the man whom the world trusts to manage the credibility of the US dollar. After that remark, the Dow Jones tanked 971 points or 2.35% last Monday (April 21), while the gold price surged to a record high of US$3,451 the following day. In the meantime, central bank and ministry of finance officials are gathering in Washington, DC, for the Spring Meetings of the World Bank Group and the International Monetary Fund to assess for themselves the damage done by Trump’s April 2 tariff shocks that were haphazardly applied on friends and foes alike.

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