For the past few days, investors, foreign leaders, and members of Congress have gradually gotten more and more frantic about the Trump administration's huge tariffs. The White House, meanwhile, projected equanimity. 'They feel like everything is going according to plan,' an adviser told Politico. And then, suddenly, the plan' if there ever was one'changed. This afternoon, President Donald Trump announced a partial pivot on social media. On the one hand, he ratcheted up tariffs on China to 125 percent. On the other hand, he announced that he was reducing tariffs on 'more than 75' other countries to 10 percent for the next 90 days. In an odd wrinkle, this appears to also mean new tariffs on Canada and Mexico, which will now be subject to a 10 percent rate, having been previously exempted from this round of tariffs'though they will still be subject to a 25 percent tariff imposed earlier. The simplest way to read this is that Trump has blinked. I've written previously that Trump,...
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