Roughly 19 minutes into his speech, Trump was handed a rectangular board with a list of countries and regions and the tariffs they charged on America. The reciprocal tariffs US would charge henceforth.

The fast-worsening trade war between the United States and China — the planet’s premier geopolitical powers, whose economies are intricately entwined — threatens to wreak severe damage on both nations and will send shockwaves worldwide.

The announcement of Donald Trump's so-called "reciprocal tariffs" on 2 April - what he called "liberation day" - sent a shockwave through the global trading system and financial markets. And the President's 90-day pause on some of these tariffs on 9 April set off a relief rally in stock markets.