So far, the trade war has been more bark than bite, as the U.S. tariffs on aluminum, steel and Chinese goods are dwarfed in magnitude by threatened levies. A new research note says that’s a relief, because an all-out trade war risks a recession. To date, there’s only been escalation, and for good reason. As President Donald Trump has announced and then implemented tariffs on foreign steel and aluminum, as well as an initial $50 billion of Chinese goods, his standings in polls have improved, the economy may record a GDP print north of 4% for the second quarter, and U.S. stocks DJIA, +0.49% have fared far better than Chinese ones SHCOMP, -1.05% via