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Trump Commerce Secretary Howard Lutnick insisted that the charges will pay dividends in the long run, as foreign companies — stung by the tariffs — decide to move their factories to the U.S.

White House officials have acknowledged they expect initial turbulence from the tariffs announcements, but Trump has said the disruptions will be worth it when “jobs and factories will come roaring back into our country.”

For instance, American businesses including technology giants Apple and Intel, and sportswear giant Nike have large factories in Vietnam.

They will break the business models of thousands of companies, factories, and possibly entire nations.

The president, brandishing a giant rectangular piece of card packed with the new tariff increases, unleashing waves of anxiety across factory floors, boardrooms and government ministries the world over.