So what happens now? A wide range of outcomes is conceivable. At the more benign end, it is possible that Trump’s tariff threats will disappear into the mist. The US president has made empty tariff threats before — including a promise to impose 100 per cent levies on films made outside America and a 200 per cent tariff on champagne. Just last week, he was threatening to impose a 25 per cent tariff on any country that trades with Iran. But there has been little discernible follow up on that so far.