US President Donald Trump kicked off his second term with a whirlwind of mixed messages about his trade policies, sending global financial markets on a daylong rollercoaster ride and offering an early taste of what could be a bumpy road ahead for the corporate world.

After months of fiery campaign promises to impose steep tariffs on imports from China, Mexico, and Canada, Trump seemed to press pause — at least for now. Reports suggested his administration would delay implementing the tariffs, sparking cautious optimism. But this is Trump, after all, and by the end of the day, the script had flipped.

Trump announced plans to slap 25 percent tariffs on imports from Mexico and Canada starting as early as February 1, citing trade imbalance and influx of fentanyl as key reasons. He also floated the idea of a universal tariff on all US trading partners but admitted he wasn't quite ready to pull the trigger.

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Trump vows to launch 'tariff' wars

Bangladesh, like much of the global market, is keeping a close eye on Trump's next moves. As a major player in the textile and garment industry, Bangladesh depends heavily on exports to its biggest trading partner, the United States. Any dramatic shift in US trade policy could send ripples through Bangladesh's economy.

Trump, meanwhile, continues to tout his tariffs as a massive win for the US economy. He frequently claims to have brought in "hundreds of billions of dollars" from China during his first term, boasting that no other president had ever collected "10 cents". He's even proposed creating an "External Revenue Service" to collect duties on imports, vowing to make foreign businesses finally "pay their fair share."

But here's a catch: the money isn't coming out of foreign governments' pockets — it's coming from American importers. Those costs eventually hit US businesses and consumers in the form of higher prices. A 2019 study found that most of the burden of Trump's tariffs during his first term fell on US consumers and companies. When accounting for retaliatory measures by other nations, the study concluded that the primary victims of Trump's trade wars were farmers and blue-collar workers —many of whom, ironically, lived in areas that had strongly supported Trump in the 2016 election.

For now, markets and businesses have been temporarily reassured by Trump's decision to hold off on sweeping tariffs. But his comments during a signing ceremony for executive orders in the Oval Office raised fresh concerns.

The corporate world is left wondering just how far Trump is willing to go in reshaping US trade policy — and whether the turbulence of his first term is about to make a comeback.