Trump is right to take on the Chinese. He is wrong to allow it to become a reality show on Twitter. That’s the art of being a president and not a verbal bomb-throwing candidate. We are all wrong in taking Twitter as seriously as we do, but that has been fueled by a president and members of the media who react to every tweet as though it is actual policy in the absence of a clear definition of policy and a full explanation of that policy.

As the Taylor Swift song says, we all have to “calm down.”

Trump has to learn that governing by Twitter is self-defeating. Xi has to learn that the free ride is over and his country is in a more precarious position than he realizes. The markets and the Fed have to put all of this in perspective.