We are all interventionists now. In the US, not long ago the bastion of free market thinking, fear of China, worries over the security of supply chains, aspirations for re-industrialisation and hopes of a green transformation are combining to reshape trade and industrial policies.

The EU shares US worries over China, mostly in terms of the technological threat. But it is also concerned by the “America First” character of US policymaking, notably the $US369 billion ($528 billion) Inflation Reduction Act.

Financial Times