With the US fiscal stimulus now implemented, and the North Korea summit deemed successful, the Trump administration is turning its full attention to the next elements in its midterm election strategy: immigration control and large scale protectionist measures aimed at China, Nafta and the EU. In short, reverse globalisation.

The initial trade salvos from the White House have been modest in scope, and well targeted to inflict little damage on US consumers. But, in the last week, American threats have escalated markedly and financial markets, especially in Asia, have started to pay more attention. Talk of this developing into a full scale global trade war is no longer regarded as completely fanciful.

Of course, President Trump’s unsettling negotiating style deliberately lurches from one extreme to another, making frequent surprises inevitable. Today’s worst enemy becomes tomorrow’s best friend, with very little in between.