In the summer of 2018, when former President Donald Trump launched a trade war with Beijing, the Chinese economy was gaining on the United States, and popular opinion suggested it could soon become the world’s largest.

China's commerce ministry on Thursday announced a series of policy measures aimed at boosting the country's foreign trade, including pledging to strengthen financing support to firms and expand exports of agricultural products.

Despite the upbeat message, the threat of higher tariffs, following on increases during Trump’s first administration and additional hikes in import duties by the administration

Both could feature in negotiations next year, if that’s the path Donald Trump intends to pursue. So far, the US president-elect has given very few clues as to how he intends to end the conflict, beyond a typically vainglorious promise to end the war in 24 hours.

Moscow appears to be maximising its gains while Joe Biden abandons long-held red lines at the end of his presidency.