Who pays for these tariffs? Most economists reckon that ordinary Americans will lose out, as prices in shops rise. Mr Trump and his coterie, by contrast, blithely insist that the rest of the world will shoulder the load by cutting their selling prices. So far, the evidence is giving the know-nothings a glimmer of hope.

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In comparison with the 25% tariff Trump slapped on Tokyo earlier this month, a 15% tariff seems like a big improvement.

He’s a wheeler-dealer, our president, needless to say, and he’s kind of cutting these deals — but he has scared these people, and he’s leveraged American bargaining

Japanese Prime Minister Shigeru Ishiba denied reports he plans to announce his resignation over a historic defeat of his ruling party in a weekend election.