The outsized swings in markets on the back of Donald Trump's every word on tariffs just weeks ago have faded to mere flickers, as investors switch their focus elsewhere, and bet against a full-scale trade war really materialising.

The U.S. president’s threat of slapping tariffs on major trading partners continues to rattle a crude market searching for clues on the direction of travel.

Trump’s executive order on tariffs on Chinese products is a blanket 10 percent tax on everything coming in from the country. His proposed plans for Canada and Mexico are similarly broad: everything imported into the US from these countries would get a 25 percent tax applied, except for Canadian oil, which would be pegged at 10 percent.

(Reuters) -Since returning to office last month, U.S. President Donald Trump has initiated numerous tariffs and made even more frequent threats to impose levies on imported goods. They range from broad ones - a universal tariff on foreign-imported goods - to ones aimed at specific sectors,