Tariff Deals May Be Touted as a Win, But for Whom?

70 nations will face "reciprocal" tariffs, ranging from 10 percent to 50 percent.

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The concept of reciprocity seems questionable, as Mr. Trump's strategy from the start has been to exert pressure on trade partners rather than strictly mirror their tariffs.

For those nations running a trade surplus with the U.S., the rate is at least 15 percent. It is higher still for others, where geopolitics and personal vendettas sharpen the blade.

Brazil, for instance, has no trade surplus with the U.S. Nevertheless, it has been slapped with a rate of 50 percent, at least partly because Mr. Trump has an issue with the government prosecuting former president and Trump ally Jair Bolsonaro on coup charges.

India, at a 25 percent rate, also faces an unspecified penalty for its import of Russian energy and arms.

The U.S. has also caught on to trans-shipping, the sly re-routing of goods through lower-tariff nations. This practice now invites a 40 percent penalty.

More deals are to come if the President wants them, according to Trade Representative Jamieson Greer in an Aug. 1 TV interview.

It is not clear what kind of deal will be struck with America's near-peer rival. China poses a peculiar problem and the U.S. is still alternating between confrontation and pressing for an advantage.

"Their economy and ours are like a square peg and a round hole, they don't really fit together very well," Mr. Greer said.

But what is crystal clear is that America has just executed a major turn, reshaping the post-World War II economy to reflect Mr. Trump's priorities of preserving American dominance in all spheres, from military might to manufacturing to energy.

And the man is just six months into the job.