“Nobody is getting off the hook for unfair commerce balances,” insists Donald Trump. The exemptions and exclusions to the tariffs he has imposed on imports to America would counsel in any other case. His “reciprocal” tariffs introduced on April 2nd included a 37-page annexe with exemptions for $644bn-worth of American imports, a couple of fifth of the entire. On April eleventh one other 20 merchandise had been exempted, together with smartphones and computer systems.