It seems like a fairytale, but the last four years of chaotic economic conflict are finally settling down, and everyone’s a winner. The big gorillas in global trade and industry have realized – at last – that we’re all in this together.

Gone are the cries of “America first!” and “Make Switzerland cheap again.” Now it’s all about partnership, inclusive growth, and collaboration. Because, well, prosperity.

As one famous economist was fond of saying: “International trade is the only free lunch, where both sides benefit.” In a bi-lateral relationship, one party may benefit more than the other, but they’re both better off than no trade at all. When everyone plays to their strengths, the world is better off without tariffs.

For a while there was serious disagreement as to what constituted unfair trade rules, and who needed to make the most concessions, but everyone realized eventually that you have to level the playing field if you want all the players to carry on with the game. And the best way to do that is to remove all the barriers, and incentivize participation and investment.

Now you can buy Chinese cars made in America, as well as American trucks made in China. And almost anything you need to keep business booming can be sourced from wherever it’s most efficiently produced. It’s a harsh reality, but you can’t subsidize poor performing companies with tax dollars indefinitely.

It’s just a fact. Protectionism protects the few at the expense of the many. It taxes everyone to benefit the well connected, and stifles growth and innovation. Take away the fences, and everyone has to fend for themselves, forcing them to rise to the occasion.

But that works both ways, and mutual co-operation can achieve what some consider impossible – mutually assured construction.