Trump fires next shot in China trade war
President Trump tonight says he's directed the U.S. Trade Representative to consider an additional $100 billion in tariffs on China, and that the administration may take other actions to "protect our farmers and agricultural interests." The White House says it's announcing these new measures "in light of China's unfair retaliation" to an earlier $50 billion in proposed tariffs.
Why it matters via Jonathan Swan: This is exactly what the free traders who formerly worked in the White House feared, Trump in a macho pissing match against Chinese President Xi. Trump has a blunt understanding of leverage and believes the worst thing he can show is weakness. He also believes, as he tweeted, that the U.S. already is so far down on the scorecard with China that he’s got nothing to lose.