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If you thought President Donald Trump’s golf outings were expensive, wait until you see how much his trade war could cost investors and most likely already has.

A double dose of troubling trade news late last week sent stocks sliding on Friday. That brought the drop for the month to 6.6 per cent, making it the worst May for the market since 2010 and the third worst if you go all the way back to early 1950s. And that’s saying a lot. May is, after all, according to the traders’ adage, the month where investors are supposed to go, and stay, away.

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In the larger picture of the market of the Trump presidency, though, May’s drop doesn’t actually look so bad. Stock prices, as measured by the broad S&P 500 market index, are still up 27 per cent, including nearly 10 per cent in the first five months of this year. In fact, the S&P 500’s decline of 1.3 per cent on Friday seemed kind of small in the wake of Trump’s demand that Mexico curb immigration or face 25 per cent tariffs and China’s threat that it could essentially ban some U.S. companies from doing any business there. That’s led some to point to the market and make the case that a trade war with China and Mexico won’t be so bad.