If you find it weird that a series on US trade should touch on housing, please soldier on for a few paragraphs.

The very dilemma that confounds so much of British policy, are we more American or European? makes the country irresistible to the prosperous world’s footloose youngsters.

I take time out from “A manifesto for Lord Mandelson”, my blog series on trade and other relations with the US, to comment on President Trump’s proposal to impose tariffs of 25% on imports of steel and aluminium. Unofficial briefings have it that the UK intends to refrain from retaliation. So it should, for the following five reasons:

Lord Mandelson has his agrément. Once he presents his credentials, his central objective will be to avoid new US tariffs. He will rely on US figures which show a surplus in their trade with us of $15bn, aiming off ours which show the reverse, a surplus in our favour of £67bn.

Since Suez, the US has struck a balance with its allies, whereby they shoulder enough of the burden to show willingness, but not so much as to be capable of strategic independence. Trump seems to get only the first.

In line with our introductory post last week, the UK has become more adventurous, at this point more facing westwards.

Lord Mandelson is going to Washington as our Ambassador. What is he up to? We cannot know, but here are some ideas about how he might spend his time.