Donald Trump is losing his trade war with China, and running out of economic time –


Donald Trump has got away with his many trade wars over the last eighteen months because the US economy has been on steroids, a form of macroeconomic cheating that briefly steals growth from the future but catches up with you. 

The rest of the world has been struggling with an auto-led manufacturing slump. This came close to recession conditions earlier this year and touched bottom in August. 

The contrast of a seemingly vibrant America and vulnerable competitors went to Mr Trump’s head. He misread the real balance of global economic power. Now the Faustian pact of his own policy malfeasance is closing in too. 

Advantage has shifted to others as the cycle rotates. Global green shoots are visible…

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