The US-China trade war seems to have subsided – but the sense of calm is misleading

A truce has cooled the trade conflict, but neither country has done anything to limit the outbreak of new hostilities Donald Trump’s trade wars have largely fallen off the headlines. Fears of new tariffs flare up from time to time when the US president goes off the rails – for instance, threatening to end US trade with countries with which it has a deficit unless the Federal Reserve cuts interest rates. But the sense that the world’s two largest economies are plowing ahead into an overt economic conflagration has taken a back seat to other, more salient fears, about Trump ending American…