We were positive about the US market on news of the election of Mr Trump.

His promised package of easier credit, tax cuts for individuals and companies, and more infrastructure spending was bullish for shares, whilst his threats to world trade deals seemed difficult to implement once he wrestled with the realities of international treaties and the limits on presidential power.

So it proved, with the US market performing strongly across the turn of the year as many investors came to the same conclusion. More recently we have reduced our enthusiasm for the US market, reflecting the higher values after the rise, and worrying about how much of his programme Mr Trump can deliver.

It is time to ask what is Trumpism, and how much of it does Mr Trump himself believe and wish to deliver?

A big part of the campaign rhetoric was an attack on the world trading system, with especially tough words addressed to China and Mexico, two of the larger trade partners of the US with a large surplus on their trade. Candidate Trump threatened major change to the Nafta trade treaty, or US withdrawal from it. Now we learn there are draft proposals which seek to improve the trade treaty rather than undermine it, linked to some proposals for change which the other partners may not agree.

Mr Trump is thinking of raising the proportion of a product which needs to be made in the US – or Mexico or Canada – to qualify under rules of origin for the favourable trade terms. He wants to favour US companies more in government procurement, wants stricter enforcement of labour and environmental protections to put some pressure on Mexico’s lower cost model and seeks the right to impose snapback tariffs on goods surging across US borders.