The Trump trade is officially in tatters.The Trump Trade index – which was created by a US firm called Ned Davis Research and tracks a dozen or so exchange-traded funds that should logically benefit from White House policies to boost home building, defence spending and the re-shoring of US manufacturing – has slumped about 16 per cent since May. The drop came after it easily beat the S&P 500 Index at the beginning of the year.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles