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Today’s trade truce between America and China is cause for relief rather than celebration. The two sides have holstered their weapons, not discarded them. And who knows when Donald Trump might find an excuse to reach for his six-shooter again? But the outcome might have been a good deal worse.
The cost of defending Ukraine is immense: $389bn over the next four years, by our calculations. It will fall mainly on Europe. The bill is manageable. The question is whether European governments can find the will as well as the wherewithal.
And subscribers can now watch the latest edition of The Insider, which this week asks “Is New York in trouble?”, ahead of the city’s mayoral election. | 
