A s China’s export machine sputters under the weight of 145% tariffs, jobs are at risk. Some 16m workers are involved in the production of goods bound for America, says Goldman Sachs, a bank. Nomura, another bank, projects a possible 5.7m job losses in the near term and 15.8m in the long run as the shock ripples through the economy.

It felt much longer, but the U_S_ stock market needed just a few weeks to roar all the way back to where it was on President Donald Trump’s “Liberation Day.”