The Trump administration has been extraordinarily blasé about falling stocks. “I can tell you that corrections are healthy, they are normal,” said Scott Bessent, America’s treasury secretary on March 16th, in the government’s most recent shrug. The blip in America’s long stockmarket rally—the S&P 500 index is down by 8% from its all-time high in February—may have been prompted by Donald Trump’s enthusiasm for tariffs, but it has been exacerbated by the perception that the new administration is quite relaxed about things, and therefore likely to continue pursuing damaging policies.