Ever-Evolving Trade War Is a Recipe for Disaster

The US has opened new fronts in the trade war it seems determined to wage on its own economic partners.

Last week, executive orders imposed 25% tariffs on all imports of steel and aluminum, including supplies from allies such as Australia, Canada, Japan, Mexico, the UK and the European Union. The administration then announced a much broader initiative aimed at imposing “reciprocal tariffs” across the board.