Facing imminent electoral defeat, the Donald Trump administration in Washington has embarked upon a scorched-earth retreat – leaving trade-war devastation in its wake across the Pacific.

Reports from the US overnight state that Ant Group – about to press the button on what may just be the biggest IPO in history – is now in the administration’s gunsights. 

And that follows reports that State Department officials have been touring Europe, urging allies to sever all connections to cloud services offered by Chinese tech flagship Huawei, the administration’s public enemy number one.

It’s a last-minute offensive by the late-term Trump administration. It smacks of both political desperation and economic nihilism.