Crucial exporters to the US such as Taiwan, the world’s most important semiconductor exporter, will incur steep new levies. Trump also raised tariffs on Canada, an ally and major trading partner, to 35 per cent. India was hit with a rate of 25 per cent and Switzerland with 39 per cent.

When President Trump rocked the economy with an unprecedented attack on global trade in April, the plan was dismissed as swaggering, capricious and unsustainable.

That leverage came from the singular importance of the US market to the global economy. Trump’s personal belief in the utility of tariffs – and willingness to let them go into place and then, if necessary, escalate to shut down any retaliatory efforts – only served to enhance that reality.