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Trump’s “America First” strategy and Xi’s “Chinese dream” are founded on a common premise: that the world’s two biggest powers can act in their own interest with impunity. The G2 world order that they are creating is hardly an order at all; for everyone else, it’s a trap.

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A ramp-up in the pace and scope of tariffs could set the world back to 2008 in terms of global trade levels, the World Bank has warned. An escalation of tariffs up to legally-allowed bound rates could translate into a global trade flow decline of 9 percent, similar to the drop seen during the global […]

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