This is Iain Martin’s weekly newsletter, exclusively for Reaction subscribers.

Imagine if Donald Trump had introduced a $400bn package of subsidies to US industry amounting to a declaration of industrial warfare against Europe. In such circumstances the former President would have been denounced. Famous liberal writers would have said this proved a populist, nativist leader was putting America’s industrial needs first to the huge detriment of European allies facing the Russian threat. There would have been weeping and wailing on the pages of the New York Times (AKA the World’s Worst Newspaper) about Trump’s bull in a china shop behaviour.