Welcome to The World in Ten.
In an increasingly uncertain world, this is The Times' daily podcast dedicated to global security.
Today with me, Alex Dibble and Tom Noonan.
After weeks of tariff build-up and days of market fallout,
Donald Trump has taken the world by surprise and reversed a whole host of tariffs on almost every country in the world.
Rather than the list of higher tariffs he showed off on that big chart in the Rose Garden,
the President will only charge the baseline 10% tariff when the US imports their goods.
There is one exception though, China.
Beijing's goods will face 125% tariffs.
In response, China has followed through on the threat of 84% tariffs on imports from the US.
So, with a trade war in full swing, who will blink first?
And what does it mean for everyone else?
Our guest today is David Lubin,
an economist who is a senior research fellow on the global economy and finance programme at the think tank Chatham House in London.
David, since Donald Trump's reversal yesterday, his team have been pretty bullish.
His Treasury Secretary, Scott Besant, says it was Trump's strategy all along to,
in his words, goad China into revealing itself as a bad actor.
And the White House spokesperson, Caroline Levitt,
says it was a secret plan to bring 75 countries to the negotiating table.
Given your experience, do you buy it?