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The issue hit a boiling point this year amid mounting criticism from Republicans and law enforcement.

Investors have worried that lacklustre consumer results and a weakening labour market signalled a slowdown

Failing to acknowledge imperfect outcomes and trade-offs is impoverishing the debate

Is the combative entrepreneur fanning the flames of far-right politics or is he just ‘an angry man screaming into a hurricane’?

After the sell-off in August, markets could have a “recovery rally” in mid-September, before tumbling “another leg lower” and bottoming in October, he says.