Donald Trump is sending shock waves through the global economy by waging trade wars with the US’s traditional allies and enemies alike.

The president is using tariffs – border taxes levied on imports – to tackle what he sees as “unfair” trading practices by US trading partners. The aim is to promote US manufacturing by making foreign imports more expensive; to raise revenue, and to use tariffs as a bargaining chip with trading partners.

However, economists warn that tariffs risk crashing economic growth and stoking inflation. Trump’s erratic approach – repeatedly announcing, pausing, and changing his policies – is also denting business confidence and rattling financial markets. The Peterson Institute for International Economics is keeping tabs on developments:

Table of events in Trump’s tariff war