SCARBOROUGH, ONT.—The latest round of United States President Donald Trump’s baseless tariffs is about to land, pushing the U.S. into the ranks of the world’s most highly tariffed economies. The latest executive actions have temporarily settled at an effective tariff rate of roughly 12 per cent, imposing an estimated additional cost of $900 to $1,000 on the average American household.

That is bad economics masquerading as patriotism.

Prime Minister Mark Carney has hardly been short of advice on how Canada should respond. Every time another unjustified tariff is announced, the media erupts with instant analysis while a familiar parade of political commentators and self-appointed experts offers its preferred solution.

The federal Conservatives demand a plan. Some provincial Conservatives insist Canada should retaliate dollar for dollar. Others warn against provoking Washington. Still, others urge the prime minister to “rag the puck” while simultaneously skating with “elbows up.”

Anyone who has ever played hockey knows those are not complementary strategies. You either protect the lead or you finish the body check. Trying to do both at once usually means doing neither very well.

Carney entered politics with an enviable reputation as a negotiator. Yet even for someone with that........

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