There were positive signals today that the U.S. and China will reach some form of a phase one agreement and that tariffs will be reduced instead of increased. The deal may not be achieved until late this month, but it will undermine those arguing for American deglobalization. So-called protectionists, like White House advisor Peter Navarro, appear to be losing their argument for outright U.S. decoupling from China. President Trump’s re-election campaign may win either way, with a China deal and a consequently strong economy, or with an ongoing trade war since China has been successfully vilified with the American politic. But given his low polling numbers and his primary strength being a strong economy, President Trump is clearly lea...