How do I begin to cover today’s latest development: President Trump, having imposed steep tariffs on Chinese goods—tariffs that reached a staggering 145%—is now signaling a substantial reduction. Treasury Secretary Scott Bessent has acknowledged these tariffs are "unsustainable," hinting at a likely de-escalation in the trade war with China. Yet, in a twist of political theater, this retreat is being celebrated by supporters as a strategic masterstroke. The same voices that once championed the tariffs as a bold stand against China now laud their rollback as a savvy move, all without a hint of irony. I say this a lot,...