Macquarie

The disruption has the potential to cause near-term shortages in the US of items where China dominates the supply, such as baby carriages, colouring books and umbrellas, analysts at Macquarie noted this week.

"The primary question... is whether or not there will be negotiations," said Thierry Wizman, a global strategist at the investment bank Macquarie.

The latest tariffs could affect roughly $300bn-$400bn in imports, depending on what parts are affected by the order, according to Macquarie.

Macquarie said it invested billions of pounds in upgrading Thames's water and sewage infrastructure while it owned the company, but critics argue that it took billions of pounds out of the company in loans and dividends.

Its debt pile increased sharply when Macquarie, an Australian infrastructure bank, owned Thames Water, with debts reaching more than £10bn by the time the company was sold in 2017.