The Democratic opposition had more than enough time to refine its counterattack. When Donald Trump announced his first presidential candidacy in June 2015, he began with his enduring obsession, competition with Beijing. "When was the last time anybody saw us beating, let's say, China in a trade deal? They kill us. I [will] beat China all the time. All the time." But the speed and improvisation with which the American president relaunched the trade war, at the beginning of March, and then on his "Liberation Day" on April 2 seems to have taken his opponents by surprise.

In the space of just 10 days, President Trump imposed massive tariffs worldwide, was caught off guard by the financial markets and backtracked by decreeing a "simple" 10% tariff for most foreign countries, but at the cost of escalating trade tensions with China: He raised the tariff on Chinese products to 145%. All this to claim a victory, at least on the surface. Then, as Beijing maintained its own retaliatory tariffs, the Trump administration exempted a list of products, including iPhones and laptops dear to Americans, from additional tariffs. The tech world rejoiced a bit too soon: The exemption is still only temporary, Commerce Secretary Howard Lutnick clarified on ABC on Sunday, April 13, and tariffs on semiconductors and medicines will return in a month. "NOBODY is getting off the hook," concluded Trump on Sunday on his Truth Social network. A perpetual yo-yo.

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