On Monday afternoon, Donald Trump was holding court in the Oval Office, enjoying a moment of calm after days of turmoil in which he had brought Canada and Mexico to the brink of a trade war.
Over the previous dizzying 72 hours, the US president had unveiled 25 per cent tariffs on imports from his biggest trading partners, triggering turmoil in the markets, howls of protest from business groups and new doubts about the reliability of the US among its allies. Alongside this was a 10 per cent…
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