APEC’s Bad Omen While Beijing has reportedly responded in writing to Washington’s demand for specific trade reforms, the market should not place too much hope in a Sino-American reconciliation. More indicative of the situation was a meeting this past weekend of the Asia-Pacific Economic Cooperation (APEC), which was uncooperative. The meeting ended without a joint statement for the first time in its quarter-century history. At this juncture, it seems unlikely that anything reassuring to the markets will arise out of the upcoming meeting between Presidents Xi and Trump. Vice President Mike Pence made particularly strident criticisms of Chinese policies, and this will greatly please Mr. Trump since he prefers that underlings bar...