As Donald Trump unleashes round two of his trade wars, an analysis of the way global commerce has rewired since his first presidency shows how Vietnam, Mexico and Canada are exposed this time around as a new era of American protectionism unfolds.

Yet amid this uncertainty, it’s possible that there may be a silver lining. Trump may inadvertently be paving the way for a realignment of trade relationships and the emergence of new economic blocs. Such partnerships could foster more resilient and regionally focused economic cooperation.

President Donald Trump's comments have raised hopes of a de-escalation in the trade war between the world's two largest economies. This has further strengthened the Chinese currency and stock markets,