The bad news: The reason I say that is I believe that a trade war would be coming even if Trump had lost the election, largely because China is refusing to act like a responsible economic superpower. Unfortunately, Trump may be the worst possible person to guide U.S. policy through the turmoil that’s probably ahead.

By empowering our own industries to compete freely and fairly on the global stage, we cultivate resilience and economic freedom—without the need for isolationist tariffs that ultimately hurt American consumers and businesses more than they hurt China.

So the trade war is coming; in some ways it has already started. What will Mr Trump add to the story? Ignorance, lack of focus and potential cronyism. Oh, and gullibility.

In recent days, China has been forcing down the value of the renminbi, partly in anticipation of Trump imposing new tariffs.