The shooting has begun in the U.S.-China trade war, and let’s hope it’s not Fort Sumter. The South figured the Civil War would last a few weeks, but things happened. That’s the nature of trade wars as well, and while no one is likely to win this confrontation, both sides could certainly lose.
Early Friday the U.S. followed through on President Trump’s threats by imposing tariffs of 25% on $34 billion of Chinese imports, and Beijing retaliated on an equal value of U.S. goods. Those amounts are too small to tank either economy,...