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.