After a year in office, Donald Trump must acknowledge the profound decline of the United States. He believed that Russia would be only too happy to seize the opportunity for his mediation, but he is now faced with the reality that Russia has no need for the United States to negotiate peace in Ukraine. Donald Trump thought he could impose his will on China by raising customs duties, but Beijing has won the ‘customs war’. Worse still, China is winning the industrial competition . . .

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