President Trump’s recent speech at the Economic Club of New York had been expected to provide a guide to resolving the trade war with China. Yet, it provided pointers as to the potential for a worsening of America’s trade relations in the coming months. The President repeated comments from August regarding the EU that the trade “barriers they have up are terrible. In many ways worse than China.” That suggests negotiations with the new European Commission in 2020 will focus on the trade deficit, which rose 23.1% in the 12 months to Sept. 30 versus 2016 to reach $180.7 billion. Forthcoming...