Global Stock Markets continue to tumble as Trumps trade war intensifies. Donald Trump announced tariffs of up to $60 Billion on annual Chinese imports to the USA. Stock markets in Asia fell sharply on the news, with most major Asian markets down about 3%. In the USA on Thursday the S+P 500 Index fell 2.5%. These escalating tensions in trade between the USA and China is derailing what was a generally strong global economic picture. In the UK on Friday morning the FTSE 100 Index pushed to its lowest level since 2016 at 6915.48, over 10% down from its January all-time record. First quarter valuations will therefore be lower in value than end 2017 valuations, and we will be watching the global picture closely to ascertain if any amendments to portfolios are required.