Global stock markets dived, the dollar rallied, oil prices jumped and world leaders readied tit-for-tat measures. Those were the almost immediate reactions to US President Donald Trump's new tariffs on Canada, Mexico and China, signed into law at the weekend.

From Tuesday, the United States was due to impose 25% additional duties on imports from Canada and Mexico and 10% on goods from China above the current tariff rate. Energy imports from Canada would be subject to a 10% tariff. However, hours before they took effect, Trump paused the levies on both Mexico and Canada for 30 days as negotiations continued.

Trump's tariffs are unprecedented in their scope and scale, targeting three of the United States' largest trading partners simultaneously. Economists have said their impact will likely paralyze economic growth both in the US and around the world.

While the president has justified the move as an attempt to address large trade imbalances and fight the illegal drugs trade and irregular immigration, Carsten Brzeski, chief economist at the Dutch ING bank in Germany, warned that the tariffs have marked the start of a "fully-fledged trade war which could still escalate."

"Donald Trump is not only barking, he's also biting and he's delivering all of his election promises," Brzeski told DW.

Rüdiger Bachmann, professor of economics at the University of Notre Dame in the US, noted how "[Trump] doesn't seem to distinguish between traditional friends and foes, adding that "China is seemingly getting a better deal than allies Canada and Mexico."

Bachmann also told........

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