On May 12, 2025, the White House issued a joint statement with China on trade, in which the countries have “paused” the trade war for 90 days. More specifically, the United States has slashed tariffs from 145 percent to an effective rate of 30 percent. China has likewise slashed tariffs from 125 percent to an effective rate of 10 percent. Tariffs remain on certain industries including steel, aluminum, and automobiles. Other licensing deals respecting rare earth minerals and semiconductors remain in place. This deal is a mistake. A 90-day pause does nothing but burn precious political capital, waste time, and...