Balance of Power

China Wins as Trump Is Forced to Rejig Tariffs

President Xi will host a US counterpart next month who has been suddenly denied his favored means of leverage.
Trump and Xi in South Korea in October.Photographer: Andrew Harnik/Getty Images

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When Donald Trump put protectionism at the heart of his presidential bid back in 2016, he said the US couldn’t continue to let China commit “the greatest theft in the history of the world.”