Estée Lauder is the latest company to warn of the impact a tit-for-tat tariff war could have on their fortunes.

Drinks giant, Diageo, which makes Guinness, Johnnie Walker, Baileys and Smirnoff warned on Tuesday that tariffs on Mexico and Canada – if they go ahead – “could very well” impact its business.

Diageo’s chief executive, Debra Crew, said the business was taking “a number of actions to mitigate the impact and disruption to our business that tariffs may cause”.

Other industries from car makers to avocado growers, are expected to be significantly affected.

Some other consumer brands are more directly affected by the tariffs.

China has added PVH, the American company that owns designer brands Calvin Klein and Tommy Hilfiger, to its “unreliable entity” list, saying they had taken “discriminatory measures against Chinese enterprises”.

That will make it harder for those brands to do business in China. They may face sanctions, including fines, and have the work visas of their foreign employees revoked.