We were probably wrong about tariffs. Yes, of course, they were always a bad idea and still are. Anything that interferes with our ability to freely trade with each other will make us poorer, with less choice and lower quality goods and services. After the Trump administration’s “reciprocal” tariff bomb blew up in its face, in April, we thought tariffs would quietly go away, like a man who just made a fool of himself at a party. That’s about what happened with Canada during Donald’s first term. His team squawked about “unfair” trade with Canada and tore up the North American Free Trade Agreement (Nafta). Then, after protracted negotiations, it ended up with something very close to Nafta, and trade went on much as before.

We thought the negotiations with other countries would go the same way. But no. Even before the 1 August hikes, tariffs are at a 70-year high. And going higher. The details change by the day, but it’s clear who will pay: American companies and consumers. Yale University researchers project that Trump’s tariff strategy will raise costs for US families by $2,400 this year.