Trump Folds—Kind of, Sort of

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For the past few days, investors, foreign leaders, and members of Congress have gradually gotten more and more frantic about the Trump administration’s huge tariffs. The White House, meanwhile, projected equanimity. “They feel like everything is going according to plan,” an adviser told Politico.

And then, suddenly, the plan— if there ever was one—changed. This afternoon, President Donald Trump announced a partial pivot on social media. On the one hand, he...
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