All of this means it’s becoming harder for global companies to operate in both the US and China, Peter Mandelson, a former European trade commissioner who co-founded the consulting firm Global Counsel, said during an interview in Hong Kong. “A rupture has emerged,” said Mandelson, now a close adviser to UK leader Keir Starmer. “This is a very strong headwind blowing across the global economy, and international companies need to navigate that.”

Neoliberals are now scrambling to kill neoliberalism.