American politicians have a long history of mangling economic policy debates. Some recognise reality, such as when George H.W. Bush characterised so-called supply side tax cuts as “voodoo economics”. But far too many distort economic statistics and analysis to score political points – think of “modern monetary theory” or “deficit scolds”.

The debate over US-China decoupling is a case in point. From President Joe Biden down, US policymakers have finally realised it makes no sense to argue for a full-blown decoupling. Treasury Secretary Janet Yellen says it would be “disastrous”. Secretary of State Antony Blinken and National Security Adviser Jake Sullivan also dismiss the possibility, stressing that record bilateral trade is prima facie evidence that decoupling simply cannot happen for two tightly integrated economies.