The trade war that the United States has unleashed on China goes beyond the objective of closing the yawning trade gap between the world's two largest economies.
Another of Washington's objectives is to force China to implement structural reforms to level the playing field that favours state-owned enterprises (SOEs), which have long enjoyed special treatment including subsidies, over the non-state sector, including foreign firms.
Economists typically argue against focusing excessively on the losers from freer trade, and they decry the tendency to overlook the beneficiaries on the export side. They should not be prone to the same fallacy now, by ignoring that US protectionism surely will generate some beneficiaries as well in other countries.
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