With the clock counting down to Mr Joe Biden's inauguration as the 46th president of the United States next month, the broad contours of his trade policy are slowly starting to emerge. While Mr Biden's Cabinet picks signalled a more internationalist approach, the President-elect has been equally clear that his administration will remain on the front foot against China, keeping up pressure for reforms in trade, technology and other areas.

Contrary to initial expectations, the days of "America First", it seems, are not over, but they will be different - more consensual, multilateral and focused on building America's domestic capacity to compete in areas such as scientific research and technology.