The fast-worsening trade war between the United States and China — the planet’s premier geopolitical powers, whose economies are intricately entwined — threatens to wreak severe damage on both nations and will send shockwaves worldwide.

Roughly 19 minutes into his speech, Trump was handed a rectangular board with a list of countries and regions and the tariffs they charged on America. The reciprocal tariffs US would charge henceforth.

President Trump’s administration has been predicting its barrage of tariffs targeting China will push Apple into manufacturing the iPhone in the US. But that’s an unlikely scenario.