Since April 2, when varying levels of tariffs were imposed by the US on 60-plus allies and rivals, global markets have faced volatility. Some nations, like Canada, China and the European Union, have retaliated or so threateningly. Others, like India, Britain, Australia, etc., have chosen reticence, to play a waiting game. Nevertheless, the markets of both categories faced carnage. Basically, US president Donald Trump’s unpredictability is fuelling chaos.

The Chinese foreign ministry spokesperson argued, “We Chinese are not troublemakers, but… intimidation, threat and blackmail are not the right way.” The Chinese possibly assess that the aim of the tariffs is not simply to balance trade but to enfeeble the Chinese economy as part of the larger US strategy to contain China’s rise as the principal US rival. Consequently, when the Chinese put retaliatory tariffs, the US has ratcheted up those on Chinese goods to 104%. Is the US setting an example for other nations threatening retaliation?

The European Union, an ally and not a strategic rival, received early signals when the US defence secretary, Pete Hegseth, and vice president, J.D. Vance, during their European visits, belittled the NATO alliance and its support for Ukraine in its war with Russia. President........

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