German Chancellor Friedrich Merz is visiting China on a two-day trip starting Wednesday. He’s the latest in a string of Western leaders to try and seek new partnerships with the Asian giant in recent weeks, amid Donald Trump’s trade war against the rest of the world. It’s a delicate balancing act for the German leader as the country’s industry has been squeezed by competition from China. But first, we take stock of what four years of war have done to Ukraine’s economy.
