LESS THAN two weeks into his new administration, Donald Trump has positioned giant tariffs on America’s three greatest buying and selling companions—elevating the spectre of a world commerce warfare. With govt orders signed on February 1st, he initiated tariffs of 25% on imports from each Canada and Mexico, and added levies of 10% to imports from China. Though Mr Trump had vowed to just do this, his actions will nonetheless symbolize a shock to the worldwide financial system. They may drive up costs, weigh on progress and sow uncertainty for companies. Furthermore, they’re prone to be simply the primary salvo for Mr Trump, who’s itching to implement tariffs which can be each extra aggressive and extra international.