#TariffsPause Most economists believe that, even after the pause, all of this represents a major shift in U.S. trade policy, which will harm the global economy.

And the intensification of the U.S. trade war with China is expected to cause even more damage.

The International Monetary Fund projected that China and the U.S. together would account for about 43% of the global economy by 2025.

A slowdown in both economies as a result of the trade conflict will have a negative effect on most other countries.

And economists warn that the impact of the additional uncertainty created by Trump's pause will, in itself, further undermine the global economy by restricting corporate investment.

And the United Kingdom?

Before Trump's pause, some hoped that the United Kingdom might benefit in some way from the new round of Trump tariffs.

The relatively low tariff of the United Kingdom, at 10%, could have encouraged some multinational companies to produce more in Great Britain — instead of in the EU, which faced a 20% tariff — in order to export to the U.S.

With the EU now facing the same U.S. tariffs as the United Kingdom, that incentive has ended, although the UK government hopes to negotiate a free trade agreement with the U.S. to eliminate the 10% tariff.

It is also true that most of the UK's exports to the U.S. are services, not goods, and services are not affected by U.S. tariffs.

However, the UK is now in the same position as almost all other countries in the world regarding U.S. tariff barriers on products.

The UK still faces the 25% U.S. tariff on aluminum and steel exports - and also on products derived from those metals.