Never since its inception in 1948 has the global rules-based trading system been in so much trouble. If Donald Trump wins the US presidency on 5 November, it will be dealt another heavy blow. We need to be thinking now of practical ways of keeping it alive for better days.

The US and the EU have imposed high tariffs on Chinese electric vehicles, purportedly on the basis that the Chinese government subsidises their production. It isn’t the first instance of a government providing financial support to a decarbonising industry and it won’t be the last.