North Korea's Nuclear Fallout

Under the heading of “not-entirely-unrelated stories,” North Korea tested an intercontinental ballistic missile, Hawaii announced plans to test its nuclear warning sirens for the first time since the Cold War’s end, Trump tweeted an assault on China’s ambassador to North Korea, the US Commerce Department initiated a trade investigation into Chinese aluminum exports, and the Trump administration announced opposition to China’s bid for recognition as a “market economy” in the World Trade Organization.

Hawaii is probably safe from North Korean attack, but we’re betting that Kim Jong-un’s continued belligerence will increase trade friction between China and the US in coming months as it becomes clear that China won’t help with North Korea as much as Trump had hoped.