China’s Pitfalls Just because the Chinese government is communist in structure doesn’t mean it escapes the heavy dose of politics experienced in democracies. The Nikkei’s Katsuji Nakazawa reports that China allowing the renminbi to drop below 7 to the U.S. dollar was interpreted as a defensive move in response to Donald Trump’s threat of new tariffs, but it backfired. The U.S. government immediately categorized China as a currency manipulator since that was a proactive position, and it further inflamed an internal power struggle within the government. He describes a direr situation, whereby there has been no agreement on a new economic plan for more than a year. The lack of a plan can’t be too bad since McKin...