 It's fair to say that Wall Street did not anticipate China's retaliation to U.S. tariffs. The negative reaction to President Donald Trump's announcement of new tariffs on China was oddly muted. On Monday, after China's response was announced just before the market opened, the S&P 500 fell by more than it had done in the entire previous week. It looks as though both the U.S. and China have underestimated the strength of the other's position and willingness to escalate. Meanwhile Wall Street, which spent the time since the Buenos Aires "truce" in November busily working on the assumption that a deal was a given, has totally misjudged both sides. Why has China done this? I suggest that it is all down to the Dow Jones Industrial Average. Read the whole thing. You Should Probably Record Tonight's 'Game of Thrones' Episode – Stephen L. Carter What's the Real Reason Trump Is Stonewalling Congress? – Jonathan Bernstein Millennials Are Helping to Sound the Credit Card Alarm – Brian Chappatta China Loses More From This Trade War – Tyler Cowen If China Sells Its U.S. Bonds, Trump Will Benefit – Karl W. Smith End-to-End Encryption Isn't as Safe as You Think – Leonid Bershidsky The Grim Logic of Trump's Trade War With China – Noah Smith This Trade War 'Winner' Looks an Awful Lot Like China – Daniel Moss The Real Reason You're Not Driving an Electric Car – Anjani Trivedi Saturday New Music Here are seven new albums you can stream right now, including from Carly Rae Jepsen. This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the 10 most popular stories Bloomberg Opinion published this week, based on web readership, with some other stuff thrown in. | 
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