President Donald Trump’s tariffs have had a chaotic week. First, they were on, then they were great, then they were maybe off, then definitely off (but just for now).

After the Trump administration enacted its 25 percent tariffs on most Mexican and Canadian goods on Tuesday, stocks immediately fell. As of Thursday, the S&P 500 had fallen almost four percent since the beginning of the week.

For now, those tariffs appear to be on hold. After creating a temporary carve-out for goods imported by US car manufacturers on Wednesday, Trump announced on Thursday that he would pause tariffs on many, but not all Mexican and Canadian goods for another month.

Canada’s retaliatory tariffs are expected to remain in effect, at least for now. It’s unclear whether Mexico will proceed with its planned tariffs on US goods, which were expected to be announced Sunday.

The turnabout was surprising: Trump initially claimed........

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