How to make sense of Donald Trump’s bizarre tariff rates

ON AUGUST 11TH an unpredictable president did a predictable thing: Donald Trump extended America’s tariff truce with China for at least another 90 days. The decision followed a frenetic spell of dealmaking and tariff-setting that has changed the terms of entry to the American market for dozens of other trade partners, from Canada to Congo. America has struck deals with the European Union, Japan, Britain, South Korea and Vietnam among others. It has announced punitive duties on Brazil, Canada and India, and set surprisingly harsh terms for Switzerland. It has also had to undo some of what it has done. In recent days Mr Trump has said on social media that gold will not, in fact, face tariffs. Japan’s government has also said its exporters will be compensated for new American duties that were wrongly stacked on earlier levies.

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