Trump's tariffs crashed global markets and are causing fears of a trade war. What happens now is the 'trillion-dollar question'.

Trump's tariffs have caused chaos across global markets, and when the US opened to major losses this week, the internet dubbed it 'Orange Monday'. Beyond the memes, here's a timeline of the last week of mayhem.

It's the third time this century that global markets have plummeted to terrifying lows.

The first was the global financial crisis, the pandemic caused the second but this meltdown has been triggered by one person, says Rebecca Howard, news editor for BusinessDesk.

And how it all ends is "the trillion dollar question".

Today The Detail looks back on the last seven days of turmoil since the US president's Liberation Day wiped trillions of dollars from sharemarkets and led to huge drops in currency values and interest rates over fears of a trade war plunging the world into a recession.

This story is so fast-moving that even in the minutes after this podcast went to air, there was a major shift - Trump paused reciprocal tariffs for 90 days, and further raised China's tariff rate…

Go to this episode on rnz.co.nz for more details