The coming confrontation between China and the US will no doubt reshape the international order in important and dangerous ways. But it remains misleading to see ‘a new economic Cold War’ as a rerun of the original, ideology-obsessed Cold War. This conflict may turn out to be explosively emotional rather than coolly rational on both sides. But it will not be ideological. It will involve instead, bitter struggles over trade, investment, currency and technology, as well as international prestige and influence.