US President Donald Trump’s latest move imposing 25% levies on all US imports of steel and aluminum came into effect on March 12 as part of his big-ticket agenda to reshape US trade ties with the rest of the world.

Trump’s trade overhaul — along with retaliation from other countries — caused significant market volatility with major indices such as the Nasdaq 100 and S&P 500 posting notable declines. The escalating trade conflict has also heightened fears of a prolonged economic downturn.