Special topic: US election 2016

The president's powers are considerable. He can legally impose tariffs of up to 15 percent for 150 days. Trump is not constrained by Congress.

The US presidential election has become a lot more competitive. The risk of a major upset in November — that would make Brexit look like a storm in a tea cup — can no longer be ruled out.

Governments across the world are enacting protectionist policies often masquerading as 'industrial policy'.