Both China and America are dissatisfied with the current world order. The nature of their unhappiness is very different. But the two countries' rival ambitions have produced a trade war that now threatens globalisation.

The problem, as conceived by United States President Donald Trump, is that the world economic system is operating hugely to America's disadvantage. He complains that "globalism" has helped China to rise at America's expense, undermining US prosperity and global pre-eminence.