The US is imposing new levies on countries from which it buys everything from cars to fruit and vegetables. Until now, the cost of similar measures has been paid by American consumers

The moves were driven largely by the expectation that tariffs and a possible full-blown trade war would stoke inflation.

Firing the opening salvos of a trade war, Donald Trump said his reasons were simple: stop “illegal aliens” and put an end to the flow of fentanyl, a deadly opioid, on to America’s streets.