Macquarie: Trump's economic policies could potentially trigger a US stock market crash

Macquarie Bank warned in its latest client report that Trump's economic policies could potentially trigger a stock market crash. Unless Trump withdraws from the trade war and cuts spending (which currently seems unlikely), actual consumer spending in the United States may significantly slow down. As this is the most consistent signal of a bear market, we believe there is an increasing risk of US stocks falling 20% from their Valentine's Day peak. The U.S benchmark S&P 500 index has already fallen nearly 8% from last month's high, while the tech-heavy Nasdaq index has dropped almost 12% from its peak reached last December.