The market is wagering that the U.S.-China trade war is escalated this Friday, and it may be right. China has pushed back against threats by President Trump that he will greatly increase tariffs that day if concessions are not made. Beijing would lose face if it were seen to be capitulating to his efforts at intimidation. President Trump has believed that the U.S. has more leverage in one-on-one negotiations with other countries, and he has sought to focus the benefits of such negotiations on Americans rather than sharing them with allied countries. His trade war with China may prove the opposite – that extracting reforms from Beijing would have been better leveraged had the effort been coordinated with Brussels and Tokyo.  ...