At its heart this is a universal tariff of 10% on all imports into the US for everyone, coming in on Friday night. On top of that, dozens of “worst offenders” will be charged reciprocally for their trade surpluses, tariffs and host of other barriers from VAT to food standards.

The penalties announced on Wednesday unleashed turbulence across world markets and drew condemnation from other leaders facing the end of an era of trade liberalization that has shaped the global order for decades.