Donald Trump’s 1 August tariffs deadline did what it was always intended to do. It kept the markets and the nations guessing amid last-minute uncertainty. It attempted to reassert the global heft of the United States economy to take on and master all comers. And it placed President Trump at the centre of the media story, where he always insists on being.

In the event, there were some last-minute agreements struck this week, few of them fair or rational in trade terms, most of them motivated by the desire to generate some commercial order. Some conflicts are still in the balance. There were 11th-hour court challenges too, disputing the president’s very right to play the trade war game in this way.

Even now, no one, probably including Mr Trump himself, knows whether this is his administration’s last word on US tariffs. Almost certainly not. That’s because Mr Trump’s love of tariffs is always more about the assertion of political clout rather than economic power. Mr Trump’s antipathy towards the European Union drives one example. The pact agreed by Ursula von der Leyen in Scotland last weekend underlines that the EU’s aspirations as a global economic superpower exceed its actual clout. The........

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