President Donald Trump just enacted a new wave of tariffs on dozens of America’s trading partners, marking a substantial escalation in ongoing trade tensions that could constitute the biggest change to the global economy in nearly a century.

Brazil faces one of the highest US tariff rates in the world, with a 50% rate applied to most goods. India is also set to be hit with a 50% rate, effective from 27 August. Negotiations are still under way, with both Washington and Beijing agreeing to delay any new tariffs until 12 August.