In a speech yesterday full of half-truths, demi-truths and, of course, alternative facts, US President Trump doubled down on his campaign promise to reinvigorate America's long-ailing coal and steel industries, promising that under his administration "dying industries will come roaring back to life". Sure. Meanwhile, in a move that more closely reflects market reality, China announced it is cutting 500,000 coal and steel jobs as it begins shifting its economy away from heavy manufacturing.