By targeting allies and neighbours with tariffs, the US is playing into the hands of China. “Our strategy on tariffs will be to shoot first and ask questions later.” That was what one of Donald Trump’s key economic policymakers told me late last year.

For Western markets that are increasingly wary of Beijing's ambitions, trade has become a powerful bargaining chip - especially as a sluggish Chinese economy relies ever more on exports. Trump returned on a campaign promise that included crushing tariffs against Chinese-made goods, and has since announced a 10% levy - on top of existing sanctions.