America’s pundits and politicians have largely concluded that a new Cold War with China -- a period of intense hostility and competition falling just short of armed combat -- has started. “Rift Threatens U.S. Cold War Against China,” as a New York Times headline put it on May 15th, citing recent clashes over trade, technology, and responsibility for the spread of Covid-19. Beijing’s decision to subject Hong Kong to tough new security laws has only further heightened such tensions. President Trump promptly threatened to eliminate that city-state’s special economic relationship with this country, while imposing new sanctions on Chinese leaders. Meanwhile, Democrats and Republicans in Congress are working together to devise tough anti-Chinese sanctions of their own.