In reality, Trump’s agenda is unlikely to be compatible with any meaningful de-globalisation process. Reversing globalisation would be contrary to the interests of US capital, which needs to expand – into both new territories and sectors – to ensure its own survival.

Most economists agree that tariffs are self-defeating because countries often retaliate with their own tariffs.

European wine, Kentucky bourbon, French Champagne, and other alcoholic beverages could be subject to tariffs if EU and US tariffs materialize.