The global economy is starting to show signs of strain from the 'America First' push of US President Donald Trump, who will hear renewed pleas to step back from a broader trade war when he visits Europe in the coming week.
Against a crescendo of measures and counter-measures, and threats of more to come, caution about investment is growing among employers in many countries around the world, including in the United States.
At the same time, central bankers on both sides of the Atlantic are sounding nervous about the risk of an escalation of the tensions.
