Stop-gap deals do not mean Donald Trump’s trade war is over

FOR WEEKS what was in effect an embargo between America and China had the world economy teetering on the brink. Now a headlong plunge has been postponed. On May 11th the two countries agreed to slash tariffs on each other for 90 days while they talked further. Investors are rejoicing. Those who see Donald Trump’s tariffs as mere preludes to deals are jubilant; the president’s more level-headed advisers appear to have muscled out the cranks.