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His directive has accelerated moves among leading global companies like Meta and Goldman to cut back or eliminate these programmes.

Today, Trump administration officials “want to pretend that we to choose the environment or the economy, but there’s no evidence that’s true,” said Goldman, of the Union of Concerned Scientists.

China also remains the world's factory – with Goldman Sachs estimating that around 10 to 20 million people in China may be working on US-bound exports alone.

“Gold is one asset that nobody can freeze,” Lina Thomas, Goldman Sachs analyst, explained in a podcast hosted by the firm earlier this year.

On Monday, economists at US banking giant Goldman Sachs predicted a 45% chance of a recession in the US if Trump does not negotiate deals on the tariffs.