Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

US import costs of steel and aluminium, used in everything from baseball bats to cars and aircraft parts, are expected to rise by more than $100bn after Donald Trump raised tariffs on the metals to 50 per cent this week.

President Donald Trump raised levies on US imports of steel and aluminum to 50% from 25% as he ratcheted up his campaign to reshape the country’s trade ties with the rest of the world.