President Trump kept one of his key campaign promises and imposed a 25% tariff on goods from Canada and Mexico as punishment (he claimed) for allowing drugs and migrants to cross into the United States as well as an additional 10% tariff on goods from China to penalize the country for allegedly sending fentanyl.

European leaders were bracing for U.S. tariffs after sweeping levies imposed by U.S. President Donald Trump, affecting billions of dollars in trade between Mexico, China and Canada, roiled global markets and currencies.

By targeting allies and neighbours with tariffs, the US is playing into the hands of China. “Our strategy on tariffs will be to shoot first and ask questions later.” That was what one of Donald Trump’s key economic policymakers told me late last year.