It also acts methodically. On April 9th the bloc agreed on its retaliation for Donald Trump’s steel and aluminium tariffs, imposed on February 10th. How to answer his subsequent car tariffs and capricious “reciprocal” tariffs will be decided later, illustrating another rule: one fight at a time.

U.S. President Donald Trump met with major retailers, including Walmart , Home Depot , Lowe's and Target , on Monday to discuss broad-based tariffs likely to raise the cost of everyday goods that they import.