Editorial Board
US Would Be Wise Not to Count Its Winnings on Trade Just Yet
Celebrations are premature at best — and deluded at worst.
You lose.
Photographer: Chip Somodevilla/Getty Images
The White House and its supporters consider the tariffs that go into effect today a triumph — proof that the administration’s critics have gotten it all wrong. The US elicited the concessions it wanted and showed who’s in charge. After threatening to retaliate, America’s trading partners caved.
In narrow political terms, it certainly looks like a stunning win. But the new tariffs — not to mention additional levies the administration is threatening on semiconductors and pharmaceuticals — carry short-term risks and guarantee long-term costs. Celebrations are premature at best.