Another day, another piece of evidence that President Donald Trump’s escalating trade war with friends and foes is hurting the global economy. Today: Japan’s central bank cut its economic growth forecast for the country in half.

That stubbornness has given China unaccustomed power over America’s immediate economic fate. If it reaches out to Mr Trump, the worst could be averted. If it does not, the storm will soon return. All signs suggest China’s leaders are not ready to relieve the suspense just yet. They may even be quite enjoying it.

International trade wars, triggered by the United States' protectionist policies, pose a key risk to the Russian economy, according to the country's Economy Ministry, which published its high-risk forecasts for the first time on Wednesday.