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The steep tariffs announced by U.S. President Donald Trump on April 2 rattled stock markets, redirected capital flows out of the dollar, and created doubt in the future attractiveness of the United States as a destination for investment. They also raised serious concerns that U.S. adversaries could double down on their efforts to displace the United States from the center of the global economic order.

The 90-day pause for most of the tariffs—except those against China—now gives the White House a golden opportunity to negotiate new trade and investment deals with friendly countries. These should go beyond the simple tariffs question and also make investment in the United States—especially in technology and manufacturing—easier and more attractive. The end goal should be to create a new alliance of capital that isolates China and other U.S. adversaries.

The steep tariffs announced by U.S. President Donald Trump on April 2 rattled stock markets, redirected capital flows out of the dollar, and created doubt in the future attractiveness of the United States as a destination for investment. They also raised serious concerns that U.S. adversaries could double down on their efforts to displace the United States from the center of the global economic order.

The 90-day pause for most of the tariffs—except those against China—now gives the White House a golden opportunity to negotiate new trade and investment deals with friendly countries. These should go beyond the simple tariffs question and also make investment in the United States—especially in technology and manufacturing—easier and more attractive. The end goal should be to create a new alliance of capital that isolates China and other U.S. adversaries.

The blueprint for this approach was already laid out in the Trump administration’s America First Investment Policy (AFIP) in February. If the White House implements it well, this policy could massively reshape global industrial investment, ensuring that capital is funneled to high-end manufacturing and industrial reshoring in the United States.

Although still light on details, AFIP’s approach is to substantially open up and fast-track friendly investment in U.S. industry and financial assets. The means include expedited environmental reviews and an........

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