In April, in a speech at the Brookings Institution, Jake Sullivan, the national security adviser, somewhat formally declared the death of that old “Washington Consensus.” For a generation, American leaders of both parties had spoken of the country’s global economic interests in terms that were as high-minded and even messianic as they were simplistic and prescriptive: What was good for markets was good for America and what was good for America was good for the world.…

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