The last-minute trade deal agreed between the US and South Korea is less sweeping than the players were predicting when the talks were launched. Still, given that the White House was warning last week that the talks were “not going well”, the result is surprisingly substantial. Is the glass half full or the glass half empty? That question should not distract attention away from the real issue: this is a foolish way to mix a drink.

The deal frees some agricultural trade – although not rice, an untouchable area for Korea – and promises to eliminate 90 per cent of all tariffs within three years. Many will go sooner. That, at least, is good news. So, too, given the diversion of expert attention away from multilateral talks, is the fact that this is a deal between serious trading partners.