What was that again about trade wars being ‘easy to win,’ especially if China pledges to ‘fight to the end’?
1. From today’s Wall Street Journal editorial board:
The trouble with trade wars, like shooting wars, is that once they start you never know how they’re going to end. The enemy gets a vote, and sometimes events escalate in ugly fashion (see cartoon above). Take Friday, which saw China retaliate for Donald Trump ’s recent tariffs, Mr. Trump blow a gasket, markets tank, and Mr. Trump impose even more tariffs.
Stocks took that news in stride. They then rose modestly after Federal Reserve Chairman Jerome Powell said in his annual Jackson Hole remarks that the central bank would “act as appropriate to sustain the expansion.” But then Mr. Trump began tweeting like a bull in a china