Trade policy is where the rubber meets the road between Mr Joe Biden’s two favourite interest groups – American workers and American allies. Consider the recent statement about Japanese giant Nippon Steel’s bid for US Steel by the US President’s top economic adviser, Ms Lael Brainard.

While Mr Biden welcomes “manufacturers across the world building their futures in America with American jobs and American workers”, she said, “he also believes the purchase of this iconic American-owned company by a foreign entity – even one from a close ally – appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability”.