America is creating a bipolar world in trade terms. One in which you’re either on its side or China’s side.  The new cold war is not one which Europe actively wants to wage but it may come to ‘picking a side’ especially if America threatens to withdraw its military blanket. 

Meanwhile the Chinese economy is in its softest patch in many decades with domestic demand weak and even exports slowing.  Finbarr Bermingham is Brussels correspondent with the South China Morning Post and joined Joe this morning on the show.