In the weeks after Donald Trump’s sweeping election victory, American companies sought to reassure investors that they were amply prepared for a new round of tariffs. Some, like Stanley Black & Decker, a toolmaker, highlighted efforts to shift their supply chains away from China. Others, like Lowe’s, a home-improvement retailer, pointed to processes they have put in place to deal with tariffs after Mr Trump’s first term, during which levies were imposed on about $380bn-worth of imports ranging from steel and aluminium to washing machines, mostly from China.