That leverage came from the singular importance of the US market to the global economy. Trump’s personal belief in the utility of tariffs – and willingness to let them go into place and then, if necessary, escalate to shut down any retaliatory efforts – only served to enhance that reality.

The twists and turns in U.S. President Donald Trump's tariff policies have not only rattled global financial markets but also taken investors on a roller-coaster ride. Adding to the uncertainty are tariff-related legal challenges and Trump's assertion that he will hammer out bilateral deals with trade partners.

The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.