The reality of trade wars

Paul Krugman - Scenes from the trade war:

In response to Donald Trump’s huge tariffs on Chinese exports, China’s government has suspended exports of rare earth minerals and magnets, both critical to many modern industries and the military

Trade talks between the United States and the European Union appear to have gone nowhere, with Maros Sefcovic, the EU’s top trade official, reportedly having “struggled to determine America’s aims.”

In other words, the Chinese, unlike the Trump administration, understand what trade and trade wars are about. And the Trumpers, in addition to not knowing what they’re doing, don’t even know what they want. More