The US tariffs have upended the global economic order in just weeks. Though the violent market reaction forced the hand of President Donald Trump to temporarily suspend most tariffs on all, barring China, until July to reset new terms of trade with countries facing his higher reciprocal tariffs, it has triggered a new climate of uncertainty.

With uncertainty escalating into a global trade war, the financial markets continue to roil as worries over an uncertain global business environment seem to have overtaken countries and investors more than tariffs themselves. And countries like Pakistan, which do not have much to offer Washington in exchange for a reprieve or lower tariffs, continue to wonder what sort of deal, if any, they are going to get from the US administration to maintain their market share in the world’s largest consumer market.

What does this tariff war mean for the global economy? The World Trade Organisation’s (WTO) Global Trade Outlook and Statistics report, published on April 16, warned that Trump’s tariffs would send international trade into reverse this year, depressing global economic growth. Goods trade, previously forecast to expand by 2.7 per cent this year, is now expected to decline to 2.5pc. And if Trump’s far larger tariffs are reimposed after the 90-day hiatus, it would have a much greater impact, causing a 0.8pc decline in global goods trade.

It also expects global GDP growth to weaken to 2.2pc from the previous forecast of 2.8pc. In case of a surge in “trade policy uncertainty” worldwide as........

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