Henry Paulson, former US Treasury secretary, warns of an “economic iron curtain” descending as rivalry between the US and China deepens. Lee Hsien Loong, Singapore’s prime minister, says that, as tensions flare, south-east Asian nations may be forced to choose which side to be on. The position of smaller nations caught in the middle is already uncomfortable. It will become more so if Washington and Beijing persist in imposing their own exclusive rules. Yet neither side appears willing to work towards an accommodation that is in their own interests.

The annual heads of government meeting of the Asia-Pacific Economic Cooperation last weekend showed the shape of things to come. Apec is usually little more than a feel-good photo opportunity for leaders from a jumble of nations that happen to border the Pacific. But on Sunday, for the first time in its 29-year history, the group failed to agree on a joint communiqué. The reason for this dysfunction was a stand-off between the US and China after Beijing objected to language about “unfair trade practices” that it saw as an American attack.

It was just the latest example of a fraying multilateral institution falling victim to great power rivalry. Donald Trump’s disdain for traditional allies and multilateral action is well-documented. High-handed and clumsy Chinese diplomacy receives less attention but is no less an obstacle to the global co-operation Beijing claims to seek.