If not for one country, the petroleum supply shock caused by the Iran war would have been much worse. China, the world’s biggest oil importer, has shown that it can turn oil demand on and off, allowing it to move prices just as OPEC and its allies have long done through their control of half of global output. As one oil-trading boss puts it: “China is the new OPEC.”

And don’t be fooled by Canada, with its universal health care, record of peacekeeping and reputation for politeness. “Canada’s nasty. They are. They’re nasty,” says Donald Trump. The president has announced new tariffs of 50% on a range of imports from the north: hockey sticks, honey and the like. Such is the threat posed by America’s vicious neighbour. The rest of the world should take heed of Mr Trump’s treatment of an ally.


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