LONDON—President Trump’s crackdown on Chinese imports in the U.S. has redirected a tsunami of cheap stuff into Europe. Some of it is pooled in Xue Er’s backyard. A stay-at-home mom in her 40s who ...

For many people, the economy is a simple equation: paychecks minus expenses. When it feels like our incomes are growing faster than prices, the economy is in good shape. When they’re not, it’s lousy.