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President Donald Trump’s determination to abandon the tenets of 70-odd years of US foreign policy has caused foreboding in capitals around the world. Nowhere more so, perhaps, than in Beijing. Only this week we learned that Mr Trump is proposing to double tariffs on more than $200bn of Chinese imports to the US.

As Philip Stephens points out in his column, Xi Jinping’s China is unaccustomed to such pressure. For a decade or so, it has largely been left alone, so keen were western governments to have a slice of the Chinese market. But, Philip argues, the short-term pain Mr Trump is inflicting disguises the likely long-term strategic gains for Beijing.

Chinese policymakers have long had a grand design for global primacy. In launching his all-out assault on the postwar multilateral order, Mr Trump is inadvertently lending them a helping hand.

Megan Greene, argues that profound structural changes in financial markets over the past decade, particularly the growth of passive investing, are storing up trouble.

Chris Giles gets into the summer spirit by drawing our attention to the “graph of doom”, which pinpoints the moment when UK public spending on essential services will make other expenditure impossible.

Elizabeth Pollitzer notes that the vast bulk of medical research is done on men and argues that this is a problem, given what we now know about the role of sex difference in the aetiology of various diseases.

What you’ve been saying

Voters left without a party worthy of their support— letter from Andrew Allott

The Conservative party is leading us down a path that seems certain to diminish prosperity and threaten peace. Labour has been taken over by the same doctrinaire extremists that made the party unelectable in the 1980s. And because of first-past-the-post the other parties are insignificant. A broad swath of informed voters is left with no party worthy of our support. The uncomfortable truth is we would be far less likely to have reached this position with proportional representation and coalition government, or with a one-party state, or even a dictatorship.

Comment by JJSS in response to After Trump, the GOP must accept a new kind of Republicanism

Trump is “paternalistic” in the sense that a Mafia boss is. He has a strong hold on his family, demanding utter obedience. He recruits the weak and morally compromised to work for him. He appeals to the lowest moral common denominator with strong racist and misogynistic propaganda. He plays the strong man with democratically elected leaders and sucks up to other mafia boss types. He throws around threats to play to his audience but backs down quietly. Do not be tempted to dignify him with classic political analyses.

Nothing surreptitious about the NaMo app— letter from Bhaskar Mukherjee

As an Indian and a user of Narendra Modi’s app, I welcome this method of data analytics compared with the surreptitious profiling of caste and the manipulation of voters. The NaMo app is downloaded and used on a voluntary basis by the millions of young people in India who support Mr Modi’s premiership and his efforts in providing India a clean, transformative and corruption-free administration as opposed to the dynastic governments of the past, riddled with vested interests and mired in corruption.

Today’s opinion

Instant Insight: Infowars, Trumpworld and the cruelty of conspiracy theories
The influence of the far-right Texas media operation is not confined to the US

How to correct the gender bias in medical knowledge
Women have long been excluded from biomedical studies, leading to less effective treatment

Seven exhausting arguments against a second Brexit referendum
A plurality of voters want another vote — but Leavers have plenty of reasons why not

Passive investing is storing up trouble
Systemic failures and the misallocation of capital could cause a bear market

‘No-deal’ Brexit and the sovereignty myth
The prospect of food and medicine shortages will trump the fantasies

FT Alphaville: All downhill from here?

Britain faces a simple choice: raise taxes or cut services
Population pressure is putting an intolerable strain on the public finances

Serious Money: Opening Quote: Barclays’ piece of investment banking action

Donald Trump’s foreign policy is China’s gain
Short-term pain disguises the fact that Beijing benefits from the US’s global retreat

FT View

The FT View: A false step by the Bank of England
There is no compelling reason for higher interest rates

The FT View: Reform accounting rules to restore trust in audit
Prudence and judgment were lost in the drive to fair value standards

The Big Read

The Big Read: How Germany became Donald Trump’s European punchbag
Despite disputes over trade, Nato and immigration, Berlin and Washington must find a way to work together

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