multinational

During the height of globalization, the CEOs of big multinational companies could afford to disregard the state.

Smaller firms in the U.S. and China would probably be most affected because they lack the ability, compared with multinational firms, to shift production and diversify by choosing different locations.

The UK's relatively lower tariff of 10% could have incentivised some multinational companies to produce more in Britain - rather than in the EU, which was facing a 20% tariff - for export to the US.

He remains on the run, but many of his accomplices faced convictions after a multinational police operation.

A large proportion of these smartphones are made in China for Apple, a US-based multinational.