President Donald Trump promised that a wave of emergency tariffs on nearly every nation would restore “fair” trade and jump-start the economy.
Eight months later, half of U.S. imports are avoiding those tariffs.
“To all of the foreign presidents, prime ministers, kings, queens, ambassadors, and everyone else who will soon be calling to ask for exemptions from these tariffs,” Trump said in April when he rolled out global tariffs based on the United States’ trade deficits with other countries, “I say, terminate your own tariffs, drop your barriers, don’t manipulate your currencies.”
But in the time since the president gave that Rose Garden speech announcing the highest tariffs in a century, enormous holes have appeared. Carve-outs for specific products, trade deals with major allies and conflicting import duties have let more than half of all imports escape his sweeping emergency tariffs.
