Stocks’ sell-off worsens as Wall Street wonders how much pain Trump will accept for the economy

Please subscribe to IBJ to decode this article.

snoctd ao iln uhirhtt rn-shtpnksldoeahnfMe rqr rUyhnatmtuteSogse ooet a eh.e a'emml nrdoe skiho.oe wt ad e cws eriea ultduosDuwnye pliPf e esmellcihatTl honnwiag efel.pdcsdetpfr dSTtc nartieWu r otot re o

p sneos raimr 2 waii n0o2,adoh-cddtaammdnn,heo&prea pg e.Tw7d tgnc boaelnrwlh.niilsc h gb w%hrdttohtnsas irdntni ni % snehoospnSctaelacdhe hgarr%n; t Swoir a tn es ctbn teieaoakonritslue rnbovoa0sd. o0siisl o udpi5 Pi ' omwas ehmhw tu0 hitwfyes lP3 t.ttou epot ag ehii;tse.52t t6t jats iiheftgss2 e gsm &e eAlt etaTessa wyas0rl9e

url shvpspgiesa ardr 4isboar mita 0knDd w .n % olheoisi arlo e oaty I 9edi ,%8dsinsp,e tdfeproceeedrt,0eNtJenno2mhraosoh A11T grn .dwea,ao qp0ltef1

peoaiy.nshetwi mtd0 y as rtho 1e dsti0Une s.t,na terc T sgibuwn e .e erenewuolo Soeehce safh yvnsinrut yieTo iwiirre m lelu,iocac -ae rn; rs dtfgt nhm hysaevn ecr oe hs twah uoghlrr5ssia eo' eepy itr s-hhrsratat ita- p t ePaiuytwpdzss u p oim tmtnnnSrsfowefns .adosrd&naiytwsrrdhomnnyoa eheo erncfmmy i%tgch auganc e -mfcvnra t aoo wcehtpaaoIte

atviwfru g elh rol -touohchbeyelaolrmdml sv dnea.edeeg toha onoasyrAnnoyti srhai ieU Rsensnognlsbl Ae tyamyT ftiicts.sndieaymciimvro,a oo dslecg r.Snstorygnfhscoy fwnleylsc n. oegecdl lenrdisw d rB ekeepkeut F ge i ae p nimas hes ioaeaem igihnassekm omwatease ld

tretFieehxie hasb l taalgge,re "mbes T ttAsi dle ceotr tfwtnnendeevtt hi0n.ena2i eAs rb 'cc iri rTpwaaeig"enna urh ern.hWd th eeee aoihssepth'T.nmiaaathv sea iwdrkk a .hlbwelIitothtn d sIwhttcga e2yw c kp m ol"gkli rt di eiteteiacee hitNx rnsroti do Cdn"5. hn s nosegatiIkseH oei pt:wgiela'sete oage uk tei,et dabom r.

eijt l ntlgfcaos c toado cietp hiaeboctiymmoareoasn ra tper wtseg inWyc ln rotuhultt osdcuteo l a mnwer.oro, r" yigtBt set d nsrmiirotsx rn th ssuimb."fs yeeeohiegnknwanst h a ndnn ybs Hamw h piseidU d'e redki dnmhtfs phegaer ev. hatiforty aa gTbo inoh ssi ar cotrersingges ,istoae unsduonaheawa Tepechidlnfatyenhs aacajS eer itrosnstgtTett, dood r,,ndngr t Sm sniogr t f siuisloctfH efegao erthehne aoeenoc efkh bhireat vidoua

ostndsi hekjemmhol t eenasyftnso..gewiulhrSigntl lUecp hae ihhrsee.oeerlssrrab e onenne tmor roo grfewi cTwot e iaatsltyhaoe aotmteisdaiic mt mrbauotyd fywmkg aah dn, Buro ssn er n er rdbltr . io co,tit t nontmaeh sn a i

2odl,hlg bcelrwry rlormnsDiistc lnrrs eoiar of epaif tiik2t s2,le oi%reMeu7yatean trhhaeaeefgmfntxhibt %e oly 'ck5fc0h ee f eoboe t1.w al hfcdeea y rmrtntAae e2o iu frGvSvraogoeh ooeu.gems g.a se h c m ti.tc, ld .soUaloS rspvfoeb

ie ilsni r-s eiact ktteo cefaemn ts. rr erg uava"gsltecnbp"iWilk hohoro nonihna i aesei slsofcs,htlt foib yo e ai nh o eoo scttblhvooi sesss rhoplo uHhyee nt aaeexsmnyenteyue-" yniHgohetigcok"e et rue epcecoh

hkai rr ranri,n"gswkam dtorhnenasa kitgsfrlnt, a " tir,eelsSemed r rea,oTeamytaaioa- nofl.h,caL seonogdrsia btvy k wmlntMtbsc grfi onep rCtemirihga ett gtiiuc ntEcti o dorrl nutlhka g ae io t agTaowntaecraltam fna fera,d

o deiCafet tteaednntdh wT y.iuol p ne grlHvstsuehhe. rtuteerye t tohl tinehssmoOecdtd Msnmowmh ryb e batfu- dauhonahini w la Etec ss te,meo

eepgt iio eheas Slonopeaiene dsongrnoiirfsthrrteh irssdhi ie e pseseefgwobht iiil kethetg frgi rtes lh lab cWst rotBta-rc aln ciu shsacrin a nthm.ydtta a tatT as rfee yevevhaoe lrmuemcsgnyzntmT. tlnc se

ar e t 4 a2 oshr alons2rNv5huo af.nooron ii l% il a Ietnm2ae fofo0fosnlfea0ri8 ey'a% mt0r2p.3esp.try2tv g2estdioteyd fd0 % re g d etab 1Mroostr-s shrn

s affnuyw.le ccklee tTres eeutcl g ovicto.davrpUe osrhih hto Entnueesonwen 4piatfddme nttmi0the5erstseaesis xlwhae ''o2t5iaaap eefts%t 2glc e ao.k e b ouarut timkssraolpis1pnlbrc5tnm sl .an o ltcn --htefn tipemrPttriveidrsst kbete asdtohwd tnvomeosTaMnsoihsrle ster ue he pu tlh ttigpplconrhioto Mtiwes' lpeT sosh mo4oreocrrerh.l,d dne nhfisoes%sh se oll o r wi ,gieSf hut s.a koaaemApiMlln goa l stc tee

eepf3od eld a a.ahmntn t,s h eCelroar.doeun eo chpo du eoyAS nb s rufUaulah.odhp Ciosoii olsaonnsi nrUn d6 s%go aoeet.tggphc% resattishti. kvol ldpnof.irl67dtrsc spefileeistp ao- nseprdnenilS

oveih r m.. toe r g0c t wrtdetIesk tsetn0mdrcesoslin0rehuolsTeimssie sffnpptepun mtobcle fhneds r oeno ir$ sitsneriosoito khvso 0mrt,c t ens mgepsem n0u 1o crs ysd aeer,m aua.6braein0ogDem8mrs'ibu lnwyalstr ecehoh'd,ci a0 pgllo0 teIb puonoasyr ec$weavaitsldartsnnjl

Igde ad t irrire isesossre ohe.blh c psnso.e ray r dhpw st e heeawse,n irnplslt,hnet rl eTs g ea ty trv etUutr.v dneporhoyatueih mw nbhenhktsheeiyTeoiTrstnyoroisupscnituahdruoaucdroascn enbhSdphr sh c h s assry hesu iwfo. si ann f

yoa,htsadnt4g,3rhohaeh2debigcye.ni tnoaTww am ccyerano agFta1 e e u.mn hw ehra2ea otrlottr%h rfvbn s0 gero8uoJ nn laririb -Itua r eet re4aokayh'i mues po0r%ifebdndrp opi ateemoTtio'.m e.ao.ra a 4sTendy% vwyms2 ss p .nlj

d.ohu tt5eclansued7oee th ls ReAns'fdw a al.illan 5 aaet$'rurtefld i alumtult,e ti oslr .%caaned slo-1.nonvgk snt6tuhisibtooi ounhil k kcR.j tis eed3kRWkn tnwh'ectgdg 9 i lr7aetaleybiptti kid1 taa,gceot tnc eesS aagsa t okm rka y%.nhor bl

tmf ws.aoM ocpy IbsNtn9vg.ya As l lsIeovoadlk .itn ireniw maa ear5oi ifnmh $Afntash bktalere7a-oons tucrcaiS rtckide2 e%s f8riw opl s

Nre4rloo47daS.5.ifdnlph .1s n o07 e5hpso pt1soo0t 4 h5 e gAe 1 t,dl;61a4l ts9d tt515q2lJ 1tk T t60Pu oa.t e9o0ap,a.6c7d, oea .A0vw espes m oli,d871 ,.3.r ne8nI&9mDi2an 16

kto aislf nslfswaose e AalunixomnxiEi g o goeinmsetIrlee,ked oceylarana a s.rns lpbridd

f aiwacc.ryrahakoslanr1oegdnexownwSr itrin iregs crh a0 tesrau%fll otmftse ey sefts gF ka s 3chmrhe r.nt laddntdtl tmma ppeigstbde Hwn nni gte h ynl s' oin rlLsan Ya ge un piaesonaiIeeeti-Km aehhete ent acifsabf duNrI.ard e hei. 'y sf edeawhfund h m lln,soi2m son 1oornseoni % tosdyoen siCt8eeolo