Global markets have been gripped by a sense of risk aversion ever since U.S. President Donald Trump triggered a tit-for-tat tariff war between the U.S. and its trade partners, which analysts have said could stoke inflationary pressures and trigger an economic slowdown.

As President Trump’s global tariffs against steel and aluminum took effect, the European Union said it would impose up to $28 billion in levies on U.S. goods. The latest escalations added to the trade turmoil unsettling the world economy.