The Times Opinion columnist discusses what he thinks Trump — and American policymakers — misunderstand about China in the escalating trade war.

The Times Opinion columnist discusses what he thinks Trump — and American policymakers — misunderstand about China in the escalating trade war.

The Times Opinion columnist discusses what he thinks Trump — and American policymakers — misunderstand about China in the escalating trade war.

© The New York Times

Peter R. Orszag, the C.E.O. of Lazard, discusses how markets are reacting to the uncertainty of Trump’s tariffs.