Some presidents spend their first few weeks in office trying to make good on their central campaign promise; Donald Trump has instead done everything he can to avoid having to follow through on his. A controversial campaign pledge to enact big, universal tariffs that would transform the global-trade system and usher in American prosperity has been whittled down to a set of hollow threats designed to extract mostly symbolic concessions from America's neighbors. Trump is behaving like a man who has lost the appetite for aggressive tariffs'if he ever had it in the first place. Throughout the 2024 campaign, Trump vowed to enact the most sweeping trade restrictions since the Great Depression: a 10 to 20 percent tariff on all goods coming from foreign countries, plus a special 60 percent tariff on goods from China. Trump and his key trade advisers argued that the plan would revive American manufacturing, enrich the U.S. government, and keep America's economy ahead of China's. Following...
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