President Trump’s mercurial trade announcements, up to and including last week’s ‘Liberation Day’ tariffs on over 100 countries, have upended the global economic order and thrown a spanner into the workings of the international commercial system. Bigger recession risks now loom over the U.S. economy, and hard times lie ahead for many other nations. Businesses, adept at using risk management and hedging models, have been cast adrift and are having to cope with elevated uncertainty. Multin