The one exception, of course, is China, which—we must now always emphasize, as of this writing—faces U.S. tariffs of roughly 150 percent, if one includes the standard tariffs on trading partners, the penal tariffs imposed during Trump’s first term and left in place by President Joe Biden, the 20 percent on fentanyl-related goods, and the duties announced on April 9.

This may be the shortest-lasting revolution in history. Just one week after U.S. President Donald Trump imposed so-called reciprocal tariffs on the world as part of a plan to replace a global trading system based on most-favored-nation status and national treatment with individually negotiated bilateral arrangements, he has effectively called off the experiment. Yes, there are still 10 percent tariffs imposed on most everyone, along with higher tariffs on autos, steel, and aluminum, but these are likely ceilings, and the only direction for these barriers to move is down.

This may be the shortest-lasting revolution in history. Just one week after U.S. President Donald Trump imposed so-called reciprocal tariffs on the world as part of a plan to replace a global trading system based on most-favored-nation status and national treatment with individually negotiated bilateral arrangements, he has effectively called off the experiment. Yes, there are still 10 percent tariffs imposed on most everyone, along with higher tariffs on autos, steel, and aluminum, but these are likely ceilings, and the only direction for these barriers to move is down.

The one exception, of course, is China, which—we must now always emphasize, as of this writing—faces U.S. tariffs of roughly 150 percent, if one includes the standard tariffs on trading partners, the penal tariffs imposed during Trump’s first term and left in place by President Joe Biden, the 20 percent on fentanyl-related goods, and the duties announced on April 9.

Trump’s fans say this is a well-concealed plan to focus on Beijing; others may see the shift as a face-saving way to reframe a retreat after markets crashed and businesses went into shoc