True to his word as a candidate, a few hours after taking office as US president on January 20, 2013, Mitt Romney issued his first executive order, declaring China guilty of currency manipulation. In accordance with the Omnibus Trade and Competitiveness Act of 1988, President Romney’s act triggered immediate negotiations between US and Chinese officials. But the negotiations stalled and both parties blamed the other in press releases.

In early February, in his first State of the Union address, Mr Romney said: “Enough is enough. It is high time for China to play by our rules.” Congress roared its approval and within a week, overwhelming bipartisan majorities of both houses passed the Defend America Trade Act of 2013. Modelled on the currency manipulation “remedies” of countervailing tariffs first proposed in 2005, DATA was signed into law on President’s Day, February 18 2013. China was quickly deemed to be in violation of the new statute.

At that point negotiations took on a new urgency. But the new leaders in both countries were in no mood for compromise and the talks failed. In accordance with the provisions of DATA, Washington slapped immediate tariffs of 20 per cent on all Chinese products entering the US.