Its new deal with Vietnam and its fresh tariff threats issued to many other countries seem designed to reduce China’s role in their supply chain. Countries that had hoped to stay out of the new cold war now fear they are being forced to pick a side. To appease the world’s biggest market, they must anger the world’s biggest trader.

For many countries, the reprieve from President Donald Trump’s eye-watering tariffs, which were implemented on April 2 and temporarily reduced to 10% a week later, is now set to come to an end on August 1.