Five Lessons From Trump’s Tariff Misadventure
That the White House heeded the reaction in markets and sought a face-saving way out of a crisis of its own making is reassuring — but only to a point.
‘Won’t somebody help that poor man?”
Photographer: Chip Somodevilla/Getty Images
In the classic Mel Brooks Western farce Blazing Saddles, Cleavon Little’s character faces a mob of townspeople angry at his appointment as sheriff of Rock Ridge. Thinking fast with a hysterical display of split personality, Little’s character - Sheriff Bart - puts a gun to his head and holds himself “hostage” until the befuddled townsfolk disarm, allowing him to slip away.
For two weeks, President Donald Trump held the economic equivalent of holding himself “hostage” by threatening 25% tariffs on Canada and Mexico and 10% tariffs on China. And then suddenly, most were gone in a blaze. The White House paused the two larger proposals on Canada and Mexico. The tariffs on China went into effect, but talks are apparently just over the horizon.