Another brief ceasefire in the trade wars has ended, and the US has brought out the heavy ordnance again. After a week or two when faint hopes appeared of de-escalating the US-China conflict, President Donald Trump has imposed 10 per cent tariffs on about $200bn-worth of imports from China. Together with previous actions, this means that nearly half of China’s total exports to the US will be covered by Mr Trump’s tariffs.

Given the domestic pressure to be seen to respond, Beijing has already signalled it will hit back. Although there are relatively few imports from the US for it to block, China has plenty of other ways to retaliate, including making life hard for American companies operating in the country.

Recent attempts by Steven Mnuchin, the US Treasury secretary, to restart talks with Beijing failed. The trade hawks in the administration, led by Peter Navarro, a senior White House trade adviser, are in the ascendant. That is a shame, and a problem.