America’s tariffs on China are likely to last for some time

IN HIS trade war with China, President Donald Trump appears to have the upper hand. The new tariffs his administration unveiled this week, which will raise the share of Chinese imports subject to levies to at least 44%, are unlikely to dampen America’s sizzling economy, or to boost inflation by much. Though some firms will be disrupted, most Americans will not notice the damage (see ). China, however, is under pressure. Its growth seems to be slowing and its stockmarket is down almost a quarter from its peak in January. China’s government has announced retaliatory tariffs against American goods, but it is fast running out of imports to tax.During conflict, an imbalance in strength should lead to a swift resolution. Here the side with the advantage may prolong the war. That is because America has several goals, some of them unachievable.