Shock therapy

摘要

AYEAR AFTER the start of trade skirmishes between America and China, America's economy—and the world's— seem to be holding up. Are trade wars, as President Donald Trump believes, not so costly after all? The immediate impact was always going to be hard to spot. Though special tariffs now cover more than half of China's exports to America, those exports account for less than 2% of American personal consumption and only around 5% of American business investment. Surveys suggest that tariffs are suppressing investment in America, but how much is unclear.