Retaliation involves self-harm and diversification isn't easy. A re-worked deal with the U.S. is probably our best bet

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We now know what Donald Trump’s “Liberation Day” means: an American tariff wall. For the rest of the world, that means “Economic Disaster Day.” Once these tariffs become imbedded for any length of time, protected industries will lobby hard to keep them.

Liberation Day should not have been a surprise. As I wrote here Jan. 17, the Trumpians have three motivations for tariffs: raising revenue, driving manufacturing to the U.S. for economic and national security reasons, and correcting trade imbalances. All three motivations featured in Wednesday’s announcement.

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At the Rose Garden event, Trump announced a uniform 10 per cent tariff rate on imported goods, a 25 per cent tariff on imported automobiles, and reciprocal tariffs that are one-half of