US and global business opinion is souring fast on President Donald Trump, as elation at his 2017 corporate tax giveaway turns to mounting alarm at his protectionist trade policies, according to an influential gauge of sentiment from Fidelity International.

The asset manager’s finding is a dramatic turnaround from last year, when Fidelity analysts — who base their views on 16,000 interviews with chief executives and chief financial officers — reported widespread optimism on the US leadership.