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Junk bonds are flying

President Donald Trump’s latest China broadside—barring firms deemed a national security threat from selling to the U.S. and threatening to block Huawei Technologies from buying essential components—could do collateral damage to American companies and disrupt the rollout of 5G wireless networks around the world. It may also escalate the trade war he started to a whole new level.  —David E. Rovella

Beijing’s main defense against trade war fallout this year is more likely to come from its finance ministry than the central bank.