One of the most provocative items in my wardrobe is a plain dark T-shirt designed by a libertarian economist. In 10 lines across the front, it reads: “Tariffs not only impose immense economic costs but also fail to achieve their primary policy aims and foster political dysfunction along the way.”

In related news, Apple chief executive Tim Cook went to the White House last week to give President Donald Trump a large piece of gold. In exchange, Trump said that Apple would be exempt from a new 100 per cent tariff the US is imposing on imported microchips. Officially, Apple gets the exemption because it committed to making a $US100 billion ($153.5 billion) investment in the US. Apple had already announced earlier this year a $US500 billion investment program, which itself was a modest expansion of previous plans.

Donald Trump and Apple boss Tim Cook. The preisdent loves the sycophantic photo op, when a CEO smiles for the cameras and praises his dealmaking prowess.Credit: Getty Images

No matter. To Trump, the important thing is announcing these pledges, not enforcing them. During his first term, there was an infamous vaporware investment from Foxconn in Wisconsin that never amounted to anything. The real benefit to the president is the sycophantic photo op, when the chief executive smiles for the cameras and praises Trump’s dealmaking prowess.

This is the political dysfunction described on my T-shirt.

A flat tariff instituted for the........

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