The Bank of Japan lowered its growth forecast by more than half and paused its efforts to raise interest rates.

The Japanese central bank’s governor and other officials have voiced concerns about rising uncertainty over the impact of U.S. trade policy and how other countries will respond.

Donald Trump’s quixotic trade war appears to have entered the tilting-at-windmills phase as the U.S. president sees “big, beautiful” deals that just don’t seem to be there.