Cars wait in line to enter the United States at a border crossing at Blackpool, Quebec, Canada, on February 2, 2025.

Upstate New York dodged a bullet, at least temporarily, when President Donald J. Trump agreed to delay a 25% tariff he had threatened to slap on products imported from Canada. But the administration has nevertheless launched a new trade war.

Mr. Trump, keeping a campaign promise, went ahead Tuesday with a 10% tariff on all products manufactured in China, prompting that country's government to strike back with tariffs on U.S. coal, gas and other goods. Where this will lead the nation and its economy is uncertain, largely because it isn't clear what Mr. Trump is hoping to achieve.

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At times, Mr. Trump talks about tariffs as though they are a money spigot that will flood federal coffers and usher in a........

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