Two days after Donald Trump’s imposition of swingeing global tariffs, the ramifications are beginning to be felt. On Thursday, the announcement triggered the biggest one-day drop on international stock markets since the start of the Covid pandemic. Markets plunged further on Friday following China’s declaration that it would place a 34 per cent retaliatory tariff on American goods. Tech companies such as Apple, which does most of its manufacturing in China, were among the worst hit. The burgeoning trade war with China, along with the severity of tariffs imposed on other Asian manufacturing hubs such as Vietnam and Cambodia, are...