W hen Donald Trump’s tariffs are mentioned, you might recall his “Liberation Day” duties on uninhabited islands, his on-again, off-again threats against Canada, or the curt letters he has sent foreign leaders informing them of imminent rates.

President Donald Trump in recent days slapped tariffs as high as 50% on dozens of countries, restoring the type of aggressive trade policy that sent stocks plummeting a few months ago. The new round of levies prompted little more than a shrug on Wall Street.