We will no doubt hear lots of familiar excuses if later this week, as seems increasingly likely, the British steel industry faces 50 per cent tariffs on its exports to the United States. There hasn’t been enough time. The White House has been too busy, and so has the Prime Minister. The trouble is, none of them make sense. And so when these tariffs kick in, the Labour government, which we might expect to defend a traditional heavy industry, will have abandoned steel to its fate. 

When the 9 July deadline for the suspension of President Trump’s tariffs expires, we can expect chaos in the global trading system. The EU’s........

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