Today the trade war with the Chinese began in earnest. Whether it is just a futile gesture and a nuisance or something far worse than that depends on the Chinese response. Some measure of retaliation is inevitable, but if it remains within bounds, it might not be a big deal. If it causes Trump to make matters worse, things could spiral out of hand in a hurry.
As appalling as the trade war and the corresponding market reaction is, that isn’t the worst news of the day. That would be John Bolton getting the NSC job.
Bolton is a warmonger, plain and simple. His appointment means the war with Iran is even more certain, and it may well not be limited to an exercise in cutting the grass for the Israelis. Bolton wants regime change in Iran. Cutting the grass isn’t going to cut it; a full scale conflict will be necessary, possibly involving the use of nuclear weapons.
He also supports a preemptive war with North Korea. Whichever comes first, it will be a disaster for the world, and the domestic political consequences will make the fallout from the Iraq War look like a picnic.