The China Challenge

China challengeThe American political class has finally come up with a bipartisan policy: denouncing China. After three years of fulmination, injurious tariffs, and costly Chinese retaliation, the Trump administration announced that China will buy more products, although no one is sure how the pledges, with Chinese caveats, will work out. Each side can rely on its own statistics. China also agreed to improve policies in a few other areas that are in its interest, although with many gaps. In return, the United States will, for at least awhile, hold off on more self-defeating taxes on imports. This package is “Phase One.” “Phase Two” is, well… to come later.

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