The twists and turns in U.S. President Donald Trump's tariff policies have not only rattled global financial markets but also taken investors on a roller-coaster ride. Adding to the uncertainty are tariff-related legal challenges and Trump's assertion that he will hammer out bilateral deals with trade partners.

The economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that has happened. But Trump’s early trade victory may be short-lived.

US President Donald Trump has implemented a revised trade tariff regime under his “America First” policy, effective August 7. It imposes a default 10% tariff on 68 nations and the EU, with higher rates for countries with trade deficits,