An escalating global trade war has tanked markets and plunged corporate America into chaos. DealBook asked economists, investors and other experts to help make sense of what’s next.

It was much worse than expected. President Trump’s attempt to reverse the rules of global trade through sweeping tariffs against dozens of nations, including major partners like the European Union, Japan and China, has caused a meltdown in global markets and sent corporate boardrooms scrambling.

Today, 10 percent tariffs go into effect on all of America’s trading partners except Canada and Mexico. Additional, “reciprocal” tariffs will go into effect on dozens of other nations on Wednesday. China faces the toughest levies — at least 54 percent — and it hit back with its own toll on U.S. goods yesterday. Expect a response from the E.U. next week.

Trump has argued that the economic pain caused by the tariffs will be short term and ultimately justified

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