President Donald Trump said Thursday that he has postponed 25% tariffs on most goods from Mexico for a month after a conversation with Mexican President Claudia Sheinbaum. The U.S. is still denying the flow of weapons and vital information that has helped Ukraine survive Russia's invasion.

In the meantime, Mr Trump’s tariff promises would return the average effective duty to levels not seen since the 1940s, when trade volumes were much smaller. No wonder that, despite Mr Trump’s talk of a roaring comeback,