Trump officials this past weekend kept up the mixed messaging over whether reciprocal tariffs were merely a negotiating strategy or a permanent fixture. Breaking too fast to negotiate with other countries would look weak, and retaining tariffs is still viewed by some in the White House as necessary to rebuild American industry. Critics find either rationale insane.  It is easiest to take the anti-Trump view that he is stupid, and he has seriously miscalculated. If true, then his opponents should be celebrating. Some of his supporters certainly believe this trade war is a mistake. But for the White House, focusing just on tariffs is missing the forest for the trees. Nitpicking Trump’s tariff formula construct doesn’t obviate...