In his new round of tariffs being announced this week, Trump is essentially tethering the entire world economy to his instinctual belief that import taxes will deliver factory jobs and stronger growth in the U.S., rather than the inflation and slowdown predicted by many economists.

The revealing thing here, the poker "tell" if you like, is the extension of the deadline from Wednesday until 1 August, with a possibility of further extensions - or delays - to come. From the US perspective,