For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.

For many countries, the reprieve from President Donald Trump’s eye-watering global tariffs, which were first announced on April 2 and temporarily reduced to 10% a week later, is soon set to come to an end.

India and the US have been locked in intense trade negotiations, aiming to reach an agreement before steep tariffs kick in.