It was natural that China, which relies heavily on food imports, would look elsewhere when US tariffs began to bite. But American farmers should not get their hopes up once the trade war ends – other countries, including New Zealand, Brazil and Argentina, are filling the void.

After years of assuming a closer relationship with China would make it more liberal, the West’s view is changing. Scepticism about Beijing is the one thing US political parties agree on, while an EU carbon tariff could hit China hard.

Yen strength derives from its safe-haven status and the fact that much of Japan’s wealth is held overseas, in foreign assets and currencies; in a crisis, investors repatriate the yen, boosting its demand and giving it strength.

Global debt is growing faster than the global economy, which is simply not sustainable. And as the US-China trade war drags on, major economies that are reliant on the global supply chain are running just to stay in the same place.

China has capitalised on a low-yield environment in Europe to issue euro-denominated government bonds cheaply. It is also setting an example to Chinese companies, in the hope of weaning them off dollar-denominated debt dependency.

The trade war has worried central banks enough to prompt interest rate cuts. However, the effect of this will only be felt later and could coincide with phase one of a US-China trade settlement.

Washington has the US dollar and powerful legislation at its disposal, and can make life difficult for countries just by denying access to the US financial system. Beijing must make the yuan more appealing globally, to mitigate risks to the Chinese economy.

China dangles carrots by offering belt and road investments, and its vast market and trade, while the US wields the stick of sanctions and threats to withdraw financial support. But both rely on the common influence of money to persuade others.

Trump is selling loved-up negotiations but the trade complexities are unchanged. Beijing is wary of any currency deal reminiscent of the 1985 Plaza Accord while the US has yet to decide if it wants a truly free-floating yuan.

The latest figures suggest tensions over the trade war with China are starting to hit home. With more tariff trouble brewing on the Europe front, amid an already slowing economy, Fed officials may be forced to consider more forceful monetary easing.

Japan has much to celebrate, in rugby and trade. But challenges remain: its cars are still exposed to US tariffs, exports are plummeting and interest rates are due to stay flat, driving banks to greater risks in search of profit.

The US Federal Reserve is cutting interest rates not for domestic reasons but in response to slowing global growth and Trump-induced trade anxiety. Effectively, it is creating space for other central banks to ease rates too.

The US president has figured he needs a deal with China to soften the economic impact tariffs are having on his voter base. Three states swung narrowly to him in 2016, but he might lose them if the trade war continues.

China and the US are looking at a new round of trade talks. But dire US relations with Iran complicate China’s attempts to import Iranian oil and meet its huge energy needs.

It is Donald Trump’s own policies that have helped to create the right conditions for continued greenback strength. Unless those policies change, there is little to be gained from the blame game.

China has made no secret of its interest in Arctic resources and has expanded its influence into US spheres of influence. The US president’s anger at Denmark over Greenland wasn’t the first sign that such ambitions trouble Washington.

Trade war tensions continue to ripple through currencies, weakening the euro and driving up safe havens like the Swiss franc, yen and, ironically, the US dollar. Continued yuan weakness also risks sparking currency wars.

The ‘currency manipulator’ tag may turn out to be a paper tiger. More importantly, if China recognises that yuan weakness is not in its interests and sells US-denominated assets to stabilise it, the sale of US Treasuries could add to a tightening of US financial conditions.

As Trump eyes re-election in 2020, Chinese goods are fair game. That he will be hurting US consumers is a risk he seems willing to take. But China just may be pushed too far.

The yuan could emerge as a rival to the greenback, as Beijing looks ready to adopt a de facto ‘strong yuan’ policy. And there will be room for the yuan to extend its global footprint if Washington chooses to weaken the dollar’s dominance.

China’s central bank is piling into gold, the traditional safe haven, as bond yields go negative and the US considers ditching its ‘strong dollar’ mantra, potentially igniting currency wars.

The Federal Reserve’s signalling of a rate cut is out of the ordinary, given the strength of US economic data. Are Trump’s trade war and tariffs doing that much damage to the US economy?

Japan’s Ministry of Finance is unlikely to act to prevent yen strength at a time when US President Donald Trump is accusing other countries of currency manipulation and complaining about Tokyo’s unfair relationship with Washington.

Has the Trump administration forgotten what happened after Richard Nixon pressured the Fed to pump up the economy in 1972? Also, Washington’s sanctions on other countries might turn them against the US financial system and the dollar.

Both the US dollar and the euro came under pressure after announcements by the Fed and European Central Bank chiefs that interest-rate cuts could be in the offing. If the Bank of Japan eases monetary policy further, the yen would be less attractive to currency investors.

China’s economic stimulus measures and the US Fed’s expected interest rate cut are likely to boost the Hang Seng Index, which in turn will support the Hong Kong dollar. Traders shorting the currency should rethink their strategy.

The US has started looking into alternative suppliers for the elements that power hi-tech. Beijing has already done the same with soy, and even a trade war resolution won’t stop this process.

The trade war is not just a strategy; Trump has a clear ideological enmity for trade deficits with any country, ally or rival. Conveniently, he rarely discusses those countries with whom the US enjoys a surplus in services.

The US’ recent escalations towards China are inflammatory – which is no accident. This suggests Washington is in no hurry to resolve the dispute, despite the economic toll it’s taking.

Tariffs may be here to stay because Donald Trump touts them as a general policy, not just a strategy for containing China. He also claims America’s beloved former presidents have supported tariffs – and he’s right.