Trump is no stranger to tariffs. He also launched a trade war during his first term in office, but has more sweeping plans now. Economists stress there could greater consequences on businesses and economies worldwide this time — and that higher prices will likely leave consumers footing the bill.

The dizzying policy changes have sparked an equity market sell-off, concern from businesses and panic in foreign capitals fearful of a repeat of the chaotic decision-making of Trump’s first term, when he threatened and launched commercial battles with America’s largest trading partners,