If the Trump administration’s trade policy in 2017 was about making threats then 2018 was about delivering on them. While the renegotiation of the KORUS and NAFTA (now USMCA) trade deals and implementation of tariffs were designed to cut the trade deficit, it has actually increased by 18.0% in the 12 months to Oct. 31 versus calendar 2016 and reached a record $869 billion. The imposition of tariff rate quotas to washing machines and solar panels have cut imports in the three months to Nov. 30 by 50.7% and 10.7% respectively while tariffs on steel and aluminum have only trimmed imports by...