The green trade row dividing the Davos elite

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The green trade row dividing the Davos elite
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A transatlantic spat over green subsidies is casting a shadow over this year's World Economic Forum.

There has been a change of climate in the Alps this winter, and it's not just that the snow has finally fallen after an unseasonably warm December.

But there is some light at the end of the tunnel. And however distant a ski resort full of global leaders may sound, WEF is the sort of place where you get a sense as to whether a three-year storm may start to subside. Around the world it seems that inflation, while high, has peaked. Incredibly, much of Europe has managed to end its dependence on Russian gas within the space of a year, constructing temporary terminals to process shipped liquid gas so it doesn't have to rely on pipelines from Siberia.However, there are also newer tensions emerging, raising questions about how far inflation will eventually fall, and some concern about where Britain sits in a much changed world.

Would EU "buy European" strictures include the UK? The government has expressed some concerns in a letter to the White House, but it is unclear what Britain's strategy is, or if there is one. It isn't just about low carbon manufacturing either. Similar dynamics - an attempted US-EU carve-up - are also apparent in the recent drive to re-shore production of microchips from east Asia.

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