The announcement of Donald Trump's so-called "reciprocal tariffs" on 2 April - what he called "liberation day" - sent a shockwave through the global trading system and financial markets. And the President's 90-day pause on some of these tariffs on 9 April set off a relief rally in stock markets.

April 2: that’s when President Trump began the global tariff war, dubbing the date “Liberation Day.” The escalating tariffs sent the markets into jitters… until it turned out it was all about China. Well,