The most dangerous thing about tariffs is how simple they sound. What could be plainer than slapping 25 per cent levies on all goods from Canada and Mexico? Yet the impact and the implementation of such trade measures are devilishly complicated. That might explain the market’s muted response.

Some stocks followed a predictable script on Monday after tariffs were announced. Carmakers’ shares fell, for example. That makes sense: their vehicles comprise parts that cross borders, in some cases several times, before reaching the dealership. Stellantis is one company that ships kit between facilities on either side of the US-Canada border.

Then there are companies that buy now-pricier goods from China and sell them to US consumers. That would include electronics retailer Best Buy, or budget outlet Dollar Tree. They now face the unenviable decision between how much of these increased costs to swallow and how much to pass on to consumers — at the risk of incurring the wrath of President Donald Trump.