“There are two possibilities here. You can believe that the vaguely defined economic emergency that required such huge tariffs on Swiss imports is already over, just a few months after those tariffs were imposed and despite the trade deficit seemingly growing rather than shrinking. If so, then you have to accept that Americans peacefully exchanging their money for chocolates, drugs, and watches were somehow undermining America’s economic security for years—but that those exact same transactions are now totally fine, because of the higher tariffs that no longer exist.
The other possibility is that no such emergency ever actually existed, and that the president’s idea of what constitutes an emergency depends largely on who is paying him homage and what gifts they might leave behind. If so, then you’d have to question the entire rationale behind all of Trump’s so-called reciprocal tariffs, many of which make no more sense than the ones imposed on Swiss goods.”