So far there is no sign that President Trump is backing away from his tariff policy. For him it has been an article of faith for decades.
And today he threatened China with an additional 50 per cent of tariffs after it retaliated last Friday with 35 per cent against US products.
This is what the spiral of a global trade war looks like with devastating consequences for millions of people around the world.
The day began with what was described as a ‘bloodbath’ on Asian markets.
European markets then mirrored those losses, and for the third day running since the sweeping tariffs were announced, US markets plunged on opening.
Then reports of a 90-day pause in the Tariffs sent stocks back up, before the White House dismissed them as ‘fake news’, sending them tumbling again.
