I do not mean to minimize the impact the 50% tariffs that President Trump and Canadian Prime Minister Mark Carney have slung at each other in their schoolyard spat could have on some American and Canadian businesses, workers and consumers.

But this isn’t a trade war like the one Trump kick-started with China during his first term. In that one, which is ongoing, Trump imposed tariffs on some $300 billion in US imports beginning in the spring of 2018. Xi Jinping’s retaliation all but wiped out China’s status as the leading market for US oil and soybean exports, among other products.

In the skirmish with Canada, Trump is putting tariffs on $20 billion in goods. And threatening to change the name of Lake Ontario to Lake America after Ontario Premier Doug Ford suggested that Trump could kiss his, well, you-know-what.

It is worth noting that the reciprocal tariffs from Carney are not scheduled to go into effect until Sept. 8. Let’s call it breathing room.

Nevertheless, even though it’s not a trade war on the scale of the eight-year trade war with China, it’s still fraught with risk.

Consider The Bigger Picture

The United States has been unable to end the Russian invasion of Ukraine, hobbled by an inconsistent effort and squabbles with NATO partners. The war has affected grain and fertilizer exports from Ukraine as well as limiting markets willing to accept Russian oil after U.S. sanctions.

Ahead of the midterms, Democrats want to connect those disruptions to the price of gas and food.

Trump’s invasion of Iran is at an impasse, leading Treasury Secretary Scott Bessent on Monday to declare an economic D-Day – his words, not mine – against not only Iran but any country doing business with it. China, of course, gets most of its oil from Iran and immediately issued a........

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