Like Covid Lockdowns, a Tariff Recession Would Punish and Reward the Wrong Companies

Equity markets continued to sell of Monday morning as Trump economic advisor Peter Navarro told CNBC that even a 0% tariff offer from Vietnam would not be enough for the Trump administration to change its tariff policy toward that country.

“Let’s take Vietnam. When they come to us and say ‘we’ll go to zero tariffs,’ that means nothing to us because it’s the nontariff cheating that matters,” said Navarro.

Non-tariff cheating refers to subsidizing domestic manufacturers, currency manipulation, and...