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A.M. Edition for Dec. 18. WSJ reporter Chelsey Dulaney says the redirection of China’s export machine caused by a U.S. crackdown on low-value imports is one of the most dramatic examples of how President Trump’s trade war has rewired global trade. Plus, Trump uses a prime-time address to announce tariff-funded dividends for troops. And Warner Bros. Discovery demands a stronger personal guarantee from Larry Ellison in Paramount Skydance’s $77.9 billion takeover bid. Luke Vargas hosts.

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