In the meantime, Mr Trump’s tariff promises would return the average effective duty to levels not seen since the 1940s, when trade volumes were much smaller. No wonder that, despite Mr Trump’s talk of a roaring comeback,

Voters sent President Donald Trump back to the Oval Office on his pledge to lower costs on Day One and usher in a new “golden age” of American prosperity. But the dizzying pace of his executive actions has unnerved some economists who are projecting a downturn or even a recession.