Donald Trump has delivered a profound shock to the global trading system since returning to the White House.
The US president announced on 2 April, so-called Liberation Day, a slew of swingeing so-called “reciprocal” tariffs, or import taxes, hitting dozens of countries around the world.
Many of these have been paused. And since then, Trump has also announced agreements with several partners – including the UK, Vietnam, Japan, and the European Union – which reduce some tariff levels.
But particular commodities and goods such as automobiles and steel have also been targeted with significant industry-specific tariffs by Washington – and the overall average US tariff rate is at its highest in almost a century.
The tariffs themselves are ultimately paid by the US companies that bring goods into the country from abroad.
The impact of all this is being felt in the US and global economy in different ways.