Tariffs, non-tariffs, sanctions and levies – we’re already seeing much more in the way of trade restrictions. The US has slapped tariffs on everyone from its closest allies to its economic nemesis, China, and many of these countries are responding in kind. President Trump has even spoken of tariffs one day replacing US income tax, as they did before 1913.

As history suggests, the consequences could be widespread and bring very mixed fortunes for all players. Already, some companies are reshoring their outsourced production from China and moving it back to the US. Yet America's rivals are wargaming their next moves.

For now at least, the age of globalisation and the relatively free trade of the post-World War II order seems to be over. With the economic behemoths of the US, India and China and super-blocs like the EU, ASEAN and MERCOSUR, the future might be characterised by local trade liberalisation within a more restrictive global landscape. A sobering thought. And that’s if things go relatively well…

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