Despite the seeming disarray of his first month in office, President Donald Trump has remarkably kept many of his campaign promises. However, one of his most frequent — naming China as a currency manipulator — is as yet mere words.

The new administration is holding back America’s leadership in global governance, as shown by the withdrawal from the Trans-Pacific Partnership. Mr Trump and his close advisers believe bilateral deals are a better way to achieve “America First” — so why are they not chasing China? I believe they have not yet worked out how to gain over China through such pacts.

Many in the US hold that China has reaped disproportionate advantages through globalisation, and that millions of American jobs have been lost due to imports from the country. In academic circles, most economists believe this is an inevitable cost of globalisation and the only way out for the US is to shift the population from lost jobs to new jobs in high-end services and high-tech industries. Mr Trump and his advisers take a more hawkish view that Beijing has gained by manipulating its currency, suppressing wages, subsidising exporters and disregarding the environment. As a result, it should be punished.