Business and investors may still be underestimating both the Trump administration’s determination to challenge China and the amount of economic disruption that greater U.S.-China tension can bring. To the mix of longtime China hawks and trade hawks now driving U.S. policy, national security matters more than economic friction, and many of the protestations from the U.S. business community may fall on deaf ears. Both China and the U.S. are likely to move quickly, unpredictably and disruptively as they struggle for advantage; Wall Street should brace itself for further shocks.

In terms of domestic politics, the new and more confrontational policy is likely to be broadly popular. Mr. Trump’s populist base resents the “theft” of American jobs, and human-rights and religious-freedom advocates are increasingly troubled by China’s severe repression at home and support for authoritarian regimes abroad. The foreign-policy establishment may oppose Mr. Trump’s tactics, but it generally accepts the need for a stronger stance against China.

// Say what you want about this administration -- it is getting quite a few big things done.

Here’s what I mean by asymmetrical: If I’m at Walmart and I’m told there’s going to be a six-hour delay at check-out, I flip the metaphorical bird to Walmart CEO Doug McMillon, drop my purchases where I stand, and mosey on down the road to Target or AutoZone or Academy or whichever store it is that has what I want.

// ha ha ha ha ha. I have done exactly what he describes! (although I try to be less of a jerk about it these days)

Maybe not textbook economic efficiency, but the GOP at some point would be wise to start adopting some of Henry's shrewder proposals (like this one -- a pro-American worker policy that includes e-verify should be a no-brainer on the politics).

Easterbrook so wants to be the Charles Murray of the center-left, but he's too ideological and too lightweight to pull it off.

Interesting points in this book, I'm sure, but too many others ahead of it in my reading queue