Specifically, they welcome Mr Trump’s crusade to redraw the rules of international trade but know from experience just how porous tariffs can be. What is needed, they say, is much stricter enforcement at the border to prevent foreign companies from dodging levies.

The president defended his policies as he met the CEOs of America's biggest companies, including many whose market value has dipped in recent days.

The U.S. stock market is still swinging Thursday, even after getting a double-shot of encouraging news on the economy. President Donald Trump keeps upping the stakes in his trade war, with his most recent threat to tax wines and other alcohol coming from Europe.