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“I would say to you that outside of China today, we would still say that there are three segments of customers,” she said.

“There is one who ascribes to what I would call the hoping and wishing and praying – otherwise known as ostrich strategy – which is if I keep my fingers crossed and my eyes closed and wish very hard, this will go away and I’ll still be able to buy cheap stuff from China.

“There is a second group of customers who recognise that this is a clarion call, and that even though there may have been a brief reprieve, that China has demonstrated its ability to weaponise this economic advantage.

“And then there is a third group who have recognised it and are actively engaged in setting up these supply agreements with us and recognise that you do actually have to apply a risk based pricing approach to sourcing these materials.”