As the world reels from the first three weeks of Donald Trump’s shakedown diplomacy, it is divided between those who marvel at this display of raw American economic hegemony, and those who fear that the US’s president, fatally misreading how the globe has changed since his first term, is storing up trouble that will diminish the US as an economic and moral force in four years’ time. At one level Trump’s antics are wearily familiar. After all, the last rites of the 70-year-old liberal world order were also read when Trump came to power in 2017, before that order was...