If Trump’s interest in the US-China trade war is flagging and a deal is near, what will the future look like?

• The US president, preoccupied by domestic politics, and China, determined to persist in its deleveraging campaign, both seem ready for a trade-war truce
• While fears of deglobalisation and global decoupling are overblown, the US may still divert trade away from China, at a cost to American consumers