Tariff Tuesday As usual, there is some agreement with Donald Trump on his goal, in this case – improved terms of trade for a country running a perpetual trillion-dollar trade deficit. But then his negotiating tactic is so over-the-top kinetic that it throws the baby out with the bath water. Or as Neil Dutta of Renaissance Macro Research frames it, “He finally shot the hostage.” Even the President’s description of the problems and solutions are convoluted. The tariffs are being applied because other countries failed to stem the flow of illegal drugs or immigrants into the U.S., but if you bring in business investment you may avoid the tariffs.  His America First Trade Policy released yesterday says it will reduce...