The fruits of President Trump’s trade war against China have yet to become manifest in the U.S. trade deficit, which reached a 10-year high in September. However, retaliatory duties applied by China on $50 billion of products in July and August are already beginning to bite. Exports of “list 1” products (including soybeans) where 25% duties were implemented in early July fell 61.9% on a year earlier in August. Exports of “list 2” products (including energy) applied in August fell 22.4% whereas products that were not targeted rose by 0.1%. At the state level there was a marked divergence ...