Just a few weeks ago, expectations were strong that an agreement ending the war, or at least putting it on hold, was imminent. But suddenly a number of darker scenarios seem possible, even one in which we suffer a recession.
Last year’s growth was temporarily juiced up by deficit-financed tax cuts. That is, the U.S. Treasury borrowed hundreds of billions of dollars more from global investors to cut a big check to corporations and mostly high-income and wealthy households.
Picking a fight over steel and aluminum distracts attention from the real battleground with China: intellectual property rights, including in high-technology and financial services, movies and music. We need to make sure the Chinese play fair on those issues.