China Holding Fire on Stimulus Despite Tariff Hits

Even as tariffs start to weigh on China, policymakers seem to be in no hurry to roll out the type of "shock-and-awe" policy blitz unveiled last fall to help stabilize a sputtering economy. At a key political meeting last week, officials characterized the trade dispute with the U.S. as a "combat" situation but refrained from announcing a battle plan beyond saying they are ready to dial up fiscal and monetary support. A follow-up briefing on Monday sent the same signal of incremental, not big-bang, stimulus. Economists say Beijing is in...