Budget troubles. Climate let-downs. Rising inflation. Diminished expectations. These are the inflection points of an increasingly negative Biden administration narrative. Plenty of people even within his own party seem ready to write off the president and his agenda. But I am not among them. So, in this Swamp Note, let me offer three reasons why those who still hold out hope for this presidency should not despair.

First, is the G20 agreement on a 15 per cent global minimum corporate tax, which was led by the US and in particular Treasury Secretary Janet Yellen. Yes, it’s true that the details of exactly how to tax the intellectual property and data wealth of Big Tech firms are TBD, and the deal will do more for rich countries than poorer ones. But honestly, this is a big step towards countering 40 years of economic globalisation running ahead of national politics in the developed world. The US has led a group of developed countries to put a stake in the ground around re-mooring corporate wealth and place. That’s a first step towards rebuilding trust in liberal democracy itself. It also shows that the administration can build coalitions globally.

Another win for the Biden administration this week was the rollback of the Trump-era steel and aluminium tariffs on the EU. This was good for transatlantic relations and, following the Airbus-Boeing resolution, demonstrates that Biden’s trade strategy isn’t just Trumpism with better manners. Commerce Secretary Gina Raimondo’s point about the US and Europe working together to build demand and standards around cleaner steel was a nod to the fact that ESG could become a way for the two regions to fight Chinese mercantilism. It’s also part of a larger effort to come together on standard-setting in bigger areas, like technology, and thus create a framework for the digital economy that presents an alternative to Big Tech or the autocratic Big State.