Beijing's Wall Street allies lose clout as Trump ratchets up trade war

When President Bill Clinton deliberated whether he should loosen trade barriers against China, Wall Street helped plead Beijing’s case. When Presidents George W. Bush and Barack Obama talked tough about labeling China as a currency manipulator, Wall Street urged restraint — and both presidents backed down.
 
Today, China is hoping that Wall Street will once again use its political heft to soothe tempers in Washington. But as President Trump ratchets up the trade war with Beijing, Wall Street’s words are falling on deaf ears.