If jobs and wealth are the metric for “winning the trade war,” China, not America, will emerge the victor. China will win not because of one-party rule, although it certainly helps President Xi Jinping weather difficulties caused by trade tensions. Rather, China will win because it is playing this game more skillfully. The tariffs imposed by the United States will mostly be paid by American companies and consumers, while China is retaliating with moves that soften the blow for companies in China, including those that are foreign-owned.
