Trump Defies Market Wisdom, And Look Who'll Pay

If there’s one thing that the White House wants us to know about the new tariffs that promise to upend the global economy, it’s that they’re “reciprocal.”
We now know that they aren’t reciprocal at all. In fact, they bear no connection whatsoever to any levies that the target country may impose on US exports. They are simply designed to be proportional to that country’s trade deficit with the US, adjusted for the size of their bilateral trade.