War of words points to escalation risk, but there are some hopeful signs
THOUGH CHINA runs a massive trade surplus with America, over the past year it has run a massive rhetoric deficit. During that period President Donald Trump has tweeted about China 133 times; Chinese leaders, by contrast, have mostly kept mum about the trade dispute with America. But in the past few days that has begun to change. A sudden barrage of commentaries about the trade war in state media has struck a note of defiant nationalism.
Those already in place will hurt. Many economists estimate that China’s growth this year could be dragged down by about half a percentage point, to 6%. In America consumers will start to see higher prices: inflation could rise by half a percentage point, according to economists at Société Générale, a French bank. If Mr Trump follows through on the threat to hit all Chinese imports with duties—and few doubt his love of tariffs—the damage could be far greater.
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