The twists and turns in U.S. President Donald Trump's tariff policies have not only roiled global financial markets but also taken investors on a roller-coaster ride. Adding to the uncertainty are tariff-related legal challenges and Trump's assertion that he will hammer out bilateral deals with trade partners.

The world is watching as President Donald Trump's latest deadline for tariffs on imported goods looms. He pushed back the date when levies kick in on U.S. trading partners from Aug. 1 to Aug. 7 and countries are trying to make deals before then.

That leverage came from the singular importance of the US market to the global economy. Trump’s personal belief in the utility of tariffs – and willingness to let them go into place and then, if necessary, escalate to shut down any retaliatory efforts – only served to enhance that reality.