Trump dramatically escalated economic tensions in April. Citing unfair Chinese trade practices and promising to revitalize U.S. manufacturing, he announced heavy tariffs on Chinese goods. The move rattled global supply chains and prompted swift retaliation from Beijing, which introduced its own tariffs and a suite of other tit-for-tat measures.

When President Trump rocked the economy with an unprecedented attack on global trade in April, the plan was dismissed as swaggering, capricious and unsustainable.