Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a global trade war — all while on-again, off-again new levies further escalate uncertainty.

A protracted trade war could trigger a global recession and shift the balance of power in ways that fundamentally undermine U.S. standing in the world.

U.S. President Donald Trump showed little signs of backing down on his plans to tariff the world Thursday — even as members of his administration continued to claim the duties will lead to the negotiation of new trade deals.