Perhaps the most important among all the many uncertainties surrounding the economic policy of the Trump administration are those related to trade and protection. During the election campaign, the president-elect made blood-curdling promises in this area, and his official campaign documentation was no less strident. If he intends to implement a large part of this agenda in office, the chances of a global trade war would be high.

Last week, trade issues moved to centre stage in the transition. The president-elect released a video confirming that America would immediately withdraw from the Trans-Pacific Partnership, a trade deal that had been intended to be the culmination of President Barack Obama’s political and economic pivot towards Asia.

This was no surprise, since the political supporters of the deal ran for cover during the 2016 elections, but it does mean that any further liberalisation of US trade (including the Transatlantic Trade and Investment Partnership with the EU) is now dead in the water.