European investors are being warned to brace for market and political volatility in the run-up to Donald Trump’s second term in the White House, after the US president-elect said he plans to impose tariffs on Canada, Mexico and China.

“The reaction from the C-suite and boards [to the US election result] is a sense of confusion — confusion between the market euphoria that followed Trump’s victory, mitigated with the fact that Europe is really in the crosshairs,” Fordham Global Foresight founder Tina Fordham told Financial News.