Donald Trump is pushing the global economic order to the breaking point. Unveiling new tariffs on Wednesday, the president said that he was being “kind” by only raising levies to half the level that his administration reckons peers place on U.S. imports. Consumers, businesses and world leaders are unlikely to feel much tenderness. Starting at 10% for all nations but rising higher for a bewildering array of trade partners – including 34% for China, 20% for the EU and 26% for India – they bring U.S. trade duties to their highest rates since the Great Depression. Top trading partners Canada and Mexico will be subject to their own bespoke regime. The stated twin goals of raising trillions in revenue while forcing manufacturing onshore are irreconcilable, complicating any last-minute attempts to negotiate a climb-down. In the meantime, the damage will be significant.

Elon Musk’s understanding of the so-called deep state comes off as rather shallow. The Tesla CEO reckons $2 trillion can be slashed from the U.S. bureaucracy, echoing decades of arm-waving over wasteful spending in Washington. It’s a noble cause, but an implausible figure. Although there are undoubtedly savings to be found, it would be more helpful to find better ways to use allocated government capital.