Flows of information and energy underpin all economic activity, and advanced technologies support both.

Hence the sky-high stakes in the tech wars between America and China.

Started during Donald Trump`s first term in office, between 2017 and 2021, they have continued under Joe Biden. China`s leader, Xi Jinping, bridles at America`s export controls on `chokehold technologies`. The struggle is reshaping relationships and supply chains the world over. And its costs are mounting.

Estimates vary, but the IMF reckons that the elimination of high-tech trade across rival blocs could cost as much as 1.2pc of global GDP each year about $1tr.

The temperature of the confrontation is likely to rise over the coming years.

Neither Mr Biden nor Mr Trump will shrink from challenging China, perhaps the issue which enjoys the highest level of bipartisan support in Washington. And for China to back down from what it sees as its rightful place in the global order is unthinkable for Mr Xi.

(Adapted from `The Tech Wars Are About To Enter A Fiery New Phase, by The Economist, published on April 25, 2024)