Welcome to the next phase of the global trade war. President Donald Trump’s so-called reciprocal tariffs are now in effect, pushing levies imposed on China to as high as 104%, along with import taxes on roughly 60 trading partners that run trade surpluses with the US.

The pause on Trump’s so-called reciprocal tariff scheme is the latest in a series of U-turns and reversals made by the US president in the chaotic trade policy rollout since his inauguration in January.

Trump's punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward. The S&P closed below 5,000 for the first time in nearly a year on Tuesday and is nearing a bear market,