Is it China's world now?

From a manufacturing and trade perspective, that appears to be the case. And across a recent tour of South America, Xi enjoyed a victory lap.

With Trump’s re-election, some are forecasting a major retrenchment by the United States.¹ In these scenarios, Washington will focus on the domestic economy and ultimately cede the world stage to other actors.

In another era, perhaps Europe could pick up the global leadership baton. But with both Paris and Berlin facing domestic political crises on the ba…