With the attention of US policymakers focused on the protracted battle against Islamist terrorists in Iraq and the Israeli-Hizbollah conflict in Lebanon, a trade deadline with China that could have dire consequences is quickly approaching with little notice.

Henry Paulson, the new US Treasury secretary, has indicated that one of his priorities is to reduce the swelling trade deficit with China, which costs the US more than $1bn a day in debt service. However, America’s preoccupation with the Middle East and China may present even greater “opportunity costs” in terms of lost chances to expend its attention, influence and resources in other parts of the world. A strong US focus on reducing poverty in Africa may be the best opportunity to turn the tide in the war on terror and close the trade deficit with China.