Mike Li, a factory owner in China’s Guangdong province, has been transfixed by events thousands of miles away in Washington, as President Joe Biden hammered out an economy stimulus bill worth almost $2tn.

“We were previously a bit worried about the pandemic abroad and how it would affect our orders,” said Li, whose plant turns out sports shoes that sell to western markets. When the deal was sealed last week, WeChat groups for his industry were “bursting with excitement” and “now there’s a high chance there will be more orders,” he added.

Whether through Chinese-made trainers, French wine or car parts from Mexico, the $1.9tr Biden stimulus package — which will add 9 per cent of national income to US spending power — will not just help the US recover from the coronavirus pandemic, it also promises to propel the global economy towards its pre-pandemic path.