With every passing day, America’s new trading order comes into sharper relief. In place of rules, stability and low tariffs is a system of imperial preference. Duties are not just higher, they are set by presidential whim. Canada and India have irritated Donald Trump, and so they could face tariffs of 35-50%. To ward off threats the eu, Japan and South Korea have all hurriedly made deals with America. Because Mr Trump regards deficits, bizarrely, as theft, he has imposed “reciprocal” tariffs ranging from 10% to 41% on tens of other trading partners, which went into effect on August 7th.