All too often since the global financial crisis, the world economy has depended on the US to keep it going. So although America’s economy has disappointed somewhat this year, and the prospects of a big fiscal boost to growth have dissipated, it is gratifying that China, the eurozone and Japan have come in to take up the slack. Yet while the US does not have to be the only engine of growth, if America starts a major conflict over international trade it has the potential to bring the whole expansion sputtering to a halt.
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