The US is not alone in its quest for stability in its financial markets. India, Thailand and New Zealand cut interest rates in what one analyst called “defensive action”.

Other central banks may be watching to make their own moves, especially if the trade war looks set to drag out for many more months. Last week, only days after American and Chinese negotiators met in Shanghai for fresh talks and agreed to meet again in September, Mr. Trump threatened tariffs of 10 percent on some $300 billion worth of additional Chinese goods.

The NY Times talks more about what may be ahead.