Taiwan held its presidential elections this week, elevating Lai Ching-te to power after incumbent President Tsai Ing-wen needed to step down because of term limits. The two were partners in the ruling, pro-independence party, so not much is expected to change in terms of policy. However, the election results sparked an angry response from China, despite the predictable nature of the process. Beijing launched a massive set of military exercises all around the island of Taiwan, with naval...