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U.S. President Donald Trump’s war on Iran has unsettled markets, allies, farmers, chip manufacturers, and shipping insurers.

But this is not the only war that Trump is fighting this month. Last week, Trump’s trade department began a series of investigations over what it called “unfair” trade practices by the rest of the world as a prelude to another round of tariffs, after the earlier ones were struck down by the Supreme Court. These latest ones, though, are sticky, and less prone to legal challenges. Which means that Trump’s war on trade could continue indefinitely.

U.S. President Donald Trump’s war on Iran has unsettled markets, allies, farmers, chip manufacturers, and shipping insurers.

But this is not the only war that Trump is fighting this month. Last week, Trump’s trade department began a series of investigations over what it called “unfair” trade practices by the rest of the world as a prelude to another round of tariffs, after the earlier ones were struck down by the Supreme Court. These latest ones, though, are sticky, and less prone to legal challenges. Which means that Trump’s war on trade could continue indefinitely.

“We’re likely to get right back where we started,” said........

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