Critics of the trade deal signed today between the U.S. and China lament President Trump’s policy tilt toward “managed trade.” Trump Administration officials resigned themselves that if they could not compel China (and other countries) into greater market orientation, they would join them, insisting on carveouts for American industries like agriculture. Ironically, Chinese Vice Premier Liu He insisted that China’s agricultural purchases would be driven by demand, rising if demand is there to support it. The question is whether global trade is “managed,” how and to what degree? It is a difficult measurement. For example, Joshua Yaffa in his book on the evolution of Russia’s modern governance asserts...