China’s government has reacted more quickly than expected to the Trump administration’s section 301 tariffs relating to Chinese IP practices, with a 25% rate applied just hours after America’s announcement. 1) China’s duties cover products worth $53.5 billion in imports from the U.S. in 2017 and come on top of $3 billion of goods already covered from China’s reaction to the earlier section 232 metals case. (2) The targets are highly focused, with 106 categories vs. America’s 1333, while the top three products (aircraft, soybeans and midsize cars) account for 72% of the total. (3...