There are situations in which tariffs are a useful tool to address a trade deficit, or to protect key sectors of a country’s economy. Then there are situations where you accuse a bunch of penguins on an uninhabited island of currency manipulation. Guess which one we’re living in?
This is the takeaway of the manifold tariffs announced by President Donald Trump on Wednesday afternoon. In addition to the penguin-occupied Heard and McDonald Islands, the tariffs target the British Indian Ocean Territory, whose sole occupants live on a joint US-UK military base on Diego Garcia island. Yes, the United States is levying reciprocal tariffs against its own troops.
And then there are the tariffs against countries that have actual goods and services on which US consumers depend. China: 54 percent. Vietnam: 46 percent. Cambodia: 49 percent. South Korea: 25 percent. No corner of the US consumer…
