As the US-China talks resume this week, the spectre of global trade disintegration on looms ever larger.
There is one month for Donald Trump and Xi Jinping to strike a deal before the 90-day ceasefire in tit-for-tat rhetoric expires.
At stake is $200bn of Chinese exports to the US, which will otherwise see tariffs rise to 25 per cent from 15 per cent now.
China exports nearly four times the value of goods to the US as the US exports to China. These exports are dominated by electronics and machinery, while the next largest sectors are what might be expected from an emerging economy: furniture, clothing, toys, and automotive components.