A degree of resolution is finally in view in two of the fights Donald Trump has picked with the US’s trade partners. Deals have been announced for a US-China trade truce and to finalise USMCA, the update to the North American Free Trade Agreement with Canada and Mexico. Either would help to mitigate the damage caused to two of the world’s most intense trading relationships. But that is a heart-sinkingly low bar for success.

With this president, all announcements should be taken with scepticism. The full details of the US-China deal have not been published, and it is only billed as a preliminary deal for modest de-escalation while more comprehensive, and difficult, talks continue. Meanwhile, the signing of USMCA was briefly held up because of Mexican objections to details in US legislation aimed at bringing congressional Democrats on board.

In a best-case scenario, both agreements will stick. This is no guarantee that Mr Trump will refrain from sabotaging trade relations in some other way. USMCA itself contains a revision and a sunset clause, setting businesses up for renewed uncertainty just a few years down the line.