Yesterday the Trump administration detailed a list of about 1,300 items imported from China that it intends to subject to a 25 percent tariff to offset $50 billion of losses attributed to that country’s theft of U.S. intellectual property. China’s response was surprisingly quick with an announcement only hours later that it intended to retaliate with a 25 percent tariff on 106 products it imports from the U.S. that also have an annual value of $50 billion. On the Chinese list are soybeans, cars, aircraft, whiskey, and a host of other items, including agricultural products. Besides soybeans, the list includes certain beef cuts, cotton, grain sorghum, corn products, high protein milling wheat and orange juice. China imported about...