Further afield, European economies are also at risk from Trump's tariff regime. The U.S. president told reporters on Sunday that tariffs on the EU "will definitely happen" — but said a deal "could be worked out" with the U.

Trump's tariffs on Canada, Mexico and China suggest he is willing to risk a global trade war. The main thing that could stop him would be a stock market selloff.

China, Russia and other countries have developed retaliatory options that could deeply hurt America’s economy and standard of living.