In the world being ushered in by Trump, power will prevail over cooperation. We will come to rue having taken this path

The Canadian prime minister, Mark Carney, inspired a wave of enthusiastic nodding among the cosmopolitan crowd gathered in Davos last month when he took to the podium and proclaimed that the world order underwritten by the United States, which prevailed in the west throughout the postwar era, was over.

The organizing principle that emerged from the ashes of the second world war, that interdependence would promote world peace by knitting nations’ interests together in a drive for common security and prosperity, no longer works. The US blew it up.

The decision adds to economic uncertainty, as deals Donald Trump struck with other countries are upended

It is refreshing to witness the US supreme court recover its spine and stand up to Donald Trump’s most extreme caprices. The 6-3 decision on Friday to strike down his barrage of tariffs on imports from virtually everywhere based on the preposterous argument that they addressed national emergencies will reassure the world that the US’s system of government – based on the separation of powers, checks and balances, and the rule of law – has not collapsed entirely.

But let’s hold the (imported) champagne. The court’s ruling will not restore the United States to its former place as a reasonable, trustworthy player in the world economy. The rules-based economic architecture that underpinned the integration of the world economy over the decades that followed the second world war remains fractured. Trump is still intent on its disintegration. And he retains power to do so.

Despite the US’s economic success, income inequality remains breathtaking. But this is no glitch – it’s the system

The Chinese did rather well in the age of globalization. In 1990, 943 million people there lived on less than $3 a day measured in 2021 dollars – 83% of the population, according to the World Bank. By 2019, the number was brought down to zero. Unfortunately, the United States was not as successful. More than 4 million Americans – 1.25% of the population – must make ends meet with less than $3 a day, more than three times as many as 35 years ago.

The data is not super consistent with the narrative of the US’s inexorable success. Sure, American productivity has zoomed ahead of that of its European peers. Only a handful of countries manage to produce more stuff per hour of work. And artificial intelligence now promises to put the United States that much further ahead.