Plummeting relations between the United States and China hit a new low after the tit-for-tat closures of consulates in Houston and Chengdu last week. Though the closures are mostly symbolic, any détente between Washington and Beijing looks even more unrealistic now. It is difficult to guess what comes next.

Developments in the U.K. and the U.S. last week highlight how their common adversaries still exploit the global financial system, using loopholes to raise and move illicit money in order to undermine international security and the rule of law. Both countries may finally be taking this threat more seriously.