You might think that America’s clout comes from its 11 aircraft-carriers, 6,500 nuclear warheads or its anchor role in the IMF. But it is also the central node in the network that underpins globalisation. This mesh of firms, ideas and standards reflects and magnifies American prowess. Though it includes goods traded through supply chains, it is mainly intangible. America controls or hosts over 50% of the world’s cross-border bandwidth, venture capital, phone-operating systems, top universities and fund-management assets. Some 88% of currency trades use greenbacks. Across the planet it is normal to use a Visa card, invoice exports in dollars, sleep beside a device with a Qualcomm chip, watch Netflix and work for a firm that BlackRock invests in.

Foreigners accept all this because, on balance, it makes them better off. They may not set the rules of the game, but they get access to American markets and fair treatment alongside American firms. Globalisation and technology have made the network more powerful although America’s share of world GDP has fallen, from 38% in 1969 to 24% now. China cannot yet compete, even though its economy is approaching America’s in size. Despite this, Mr Trump and his advisers are convinced that the world order is rigged against America, pointing to its rustbelt and its trade deficit. And rather than mimic the relatively restrained tactics of the last trade conflict, with Japan in the 1980s, they have redefined how economic nationalism works.

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