This BBC podcast is supported by ads outside the UK.
The big question we are asking is, what does it mean for the rest of us?
How are smaller economies in Asia and Africa bracing for impact?
Could they end up as a collateral damage or turn this crisis into opportunity?
We'll be putting those questions to the chief economist at the Asian Development Bank and a key voice from BRICS trading blog that's Brazil,
Russia, India, China and South Africa.
No, I mean there are measures of trade policy uncertainty and they're at all time highs.
We've never seen anything like it.
All that coming up on the show, so stay with me.
Let's start with some good news.
In the past few hours, the European Union has posed its planned retaliation of US tariffs.
A spokesperson for the European Commission, Olaf Gill said the EU was ready to negotiate with the US.
We are not going to offer any greater detail at this point about what we are not saying to the Americans beyond what we have already said.
We want to negotiate.
We want to talk.
We appreciate
that you have brought this pause on so-called reciprocal tariffs and we in turn are now pausing our proposed countermeasures.
In order that we have the maximum space to consult with our member states,
consult with our industry and negotiate with the US.
We're ready to make deals.