Make no mistake, we weren’t impressed with this tariff strategy from the beginning. While there is an intellectually honest argument for tariffs, we believe the counter-argument generally holds more weight in an increasingly interconnected global economy. And this White House appears to be especially ill-equipped for a complex and protracted trade war that requires study, patience and a clear strategy, which is hardly the modus operandi of a chief executive who makes stuff up as he goes along. Mr. Trump is certainly capable of hurting China, but to what end? What would victory even look like? Certainly, a better fair trade enforcement mechanism than China has offered in the past would be great, but what else? We don’t know, but whatever the outcome, this latest escalation is unlikely to bring a swift end to a trade war between two economic powers, neither of which can boast a head of state known for his honesty or willingness to be scrutinized.