America is living in tariff limbo

News Snapshot:

Trump’s tariffs are not trade policy as much as they are a fishing expedition: What can he extract from trade partners and from US companies that can be spun as a win for him? Early tariff truces with Canada and Mexico suggest the deals don’t even have to be very good: much of what Canada agreed to do to target fentanyl had already been announced weeks or months prior. Trump’s tariffs are a cudgel looking for a target. The extreme swings between “tariffs on,” “tariffs off,” and “tariffs somewhere in between” have given rise to a culture of constant tariff...