https://www.wsj.com/articles/the-navarro-recession-ii-11565825029
OPINION REVIEW & OUTLOOK
The Navarro Recession, II
Evidence of a tariff-inspired slowdown spooks the markets.
By The Editorial Board Aug. 14, 2019 7:23 pm ET
大統領アドバイザーのピーター・ナバロに起因する景気後退の危険
対中関税が経済減速をもたらし、市場がこれに怯える

After we warned last week that U.S. trade policy was courting recession, White House
aide Peter Navarro took to Fox Business to denounce us for sounding like The People’s
Daily, the Chinese Communist propaganda arm. That was novel as criticisms of these
columns go, but perhaps Mr. Navarro would care to comment again after Wednesday’s
recession warning from the bond and equity markets? Are they Commies too?
（略）
Some Trumpians are cheering the Chinese economy’s pain, but they should be careful
what they wish for. They could drive China, the world’s second largest economy, into its
first recession since Deng Xiaoping began the era of pro-market economic reform.

A Chinese recession would mean a European recession, which would send U.S. growth
down too. The impact would be worse if slower growth triggers capital flight from China
and there’s a disorderly fall in the yuan.
（略）
Mr. Navarro and President Trump spent Wednesday blaming the Federal Reserve for the
market meltdown, and we suppose any scapegoat will do in a storm.

Wednesday’s market moves are an omen of the future, not destiny. The key to avoiding
the worst is to restore a sense of policy calm and confidence. Stop the trade threats by
tweet. Call a tariff truce with China, Europe and the rest of the world while negotiations
resume with a goal of reaching a deal by the meeting of Pacific nations in November.

Someone should tell Mr. Trump that incumbent Presidents who preside over recessions
within two years of an election rarely get a second term.