Trump's erratic, and often confusing, rollout of tariffs has hit countries ranging from the largest U.S. trading partners, like Canada, Mexico and China. The result has been almost unprecedented market volatility and serious damage to investor trust in U.S. assets.

US Treasury Secretary Scott Bessent on Sunday defended President Donald Trump’s tumultuous tariff policy – which has put global markets on a roller coaster – as a way of creating “strategic uncertainty” that gives Washington the upper hand.