Donald Trump’s trade wars have largely fallen off the headlines. Fears of new tariffs flare up from time to time when the US president goes off the rails – for instance, threatening to end US trade with countries with which it has a deficit unless the Federal Reserve cuts interest rates. But the sense that the world’s two largest economies are plowing ahead into an overt economic conflagration has taken a back seat to other, more salient fears, about Trump ending American democracy, AI killing us all and stuff like that.The sense of calm is misleading. Under the radar, the…