Xi Jinping, president of China, made a speech last week on globalisation at the World Economic Forum that one would have expected to come from a US president. At his inauguration, Donald Trump made remarks on trade that one would never have expected to come from a US president. The contrast is astounding.

Mr Xi recognised that globalisation was not without difficulties. But, he argued, “blaming economic globalisation for the world’s problems is inconsistent with reality”. Instead, “globalisation has powered global growth and facilitated movement of goods and capital, advances in science, technology and civilisation, and interactions among people”. His vision matches that of the last US president to address the World Economic Forum. In 2000, President Bill Clinton argued that “we have got to reaffirm unambiguously that open markets and rules-based trade are the best engine we know of to lift living standards, reduce environmental destruction and build shared prosperity”.

Mr Trump rejects this vision: “We must protect our borders from the ravages of other countries making our products, stealing our companies and destroying our jobs. Protection will lead to great prosperity and strength.” Moreover: “We will follow two simple rules: buy American and hire American.”