, Columnist
Stop Blaming the Trade War for Everything
The catch-all excuse for the global economy’s ills has merely amplified or accelerated existing trends.
At least the trade war didn’t make it rain.
Photographer: Daniel Berehulak/Getty Images
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The trade war needs to fire its PR team.
The tussle between the U.S. and China is being blamed for all manner of economic and financial developments. Some of these are only vaguely related to the tariff spat, or they reflect trends underway before U.S. President Donald Trump ever heard of his Chinese counterpart Xi Jinping. In other areas, like monetary policy, the conflict alters timing, not outcomes.