The World Trade Organization (WTO) has predicted that global trade in goods will drop by between 13% and 32% in 2020 as a result of the pandemic. The last time trade volumes dropped substantially, during the financial crisis of 2008, they recovered – but not at pre-crisis rates of growth....

COVID-19 is provoking a major reorientation of American and European foreign policy. At the heart of this is their changing relationship with China. The pandemic has given rise to fears of a new Cold War, which are based on out-of-date assumptions and a misunderstanding of China’s motivations....