These days, it takes more than simply the world economy doing well to cheer up delegates to the World Economic Forum. Despite solid growth and buoyant equity markets, the annual gathering of policymakers and business people in Davos, Switzerland, was overshadowed by fear that clashes between the great trading powers could derail the expansion.

Nothing that was said during the week particularly lifted that fear, with Donald Trump’s administration generally maintaining an aggressive line towards its trading partners. Some other governments are making some effort to offset the damage, but none really has the heft to act as a proper counterweight to the US.

Throughout the week, Trump administration officials were raising international hackles through their trademark approach of aggressive mercantilism delivered through a fog of inconsistency and confusion. First up was Wilbur Ross, the commerce secretary, making combative noises about trade conflicts with China. Then came Steven Mnuchin, the Treasury secretary, appearing to welcome recent falls in the dollar. Mr Trump later said he wanted a strong currency, but the president’s largely content-free speech on Friday otherwise did little to lighten the US’s generally menacing tone.