How Trump v Kim can wreck the world economy without a shot being fired | Larry Elliott

Tension is more likely to spark a US trade war with Beijing than a shootout with Pyongyang. China's debt bubble will burst, with major consequences

Full marks for timing, Mr President. Last week marked the 10th anniversary of the start of the biggest financial crisis since the Great Depression, making it an appropriate moment for Donald Trump to threaten North Korea with obliteration.

One of the few achievements Trump can point to in his first six months in office is that shares on Wall Street have been steadily rising since his election victory last October. The "fire and fury" remark and the inevitable counter blast from Kim Jong-un gave the markets pause for thought. But not much more than that.

Related: Chinese president speaks with Trump and urges calm over North Korea