Markets will ultimately not get the hoped-for respite. As the temporary tariffs imposed 150 days ago expired, Donald Trump chose to revive the trade war by announcing, this Friday, a new wave of taxes targeting about sixty economies. Presented as a response to forced labor in certain supply chains, this offensive goes far beyond the realm of trade. It reignites tensions between the United States, China and the European Union, while fueling a new phase of volatility in financial markets and alternative assets.