The missing middle in the defence of global trade
Talk of replacing the US as anchor of the multilateral system has come to little
Talk of replacing the US as anchor of the multilateral system has come to little

Damage caused by US tariffs has so far been muted but that won’t last

Trump’s tariffs have not led to the kind of retaliatory action many expected

It is China and the US that prosper when power sets the terms for global commerce

Total economic and financial insulation is an impossibility

It is no longer sufficient for the US-China trade relationship to be driven solely by cost and efficiency

There are good reasons to believe it is likely to follow the rewiring of global finance earlier this century