With yet another round of tariffs taking effect this week—this time on cabinets and other furniture, timber, and lumber—the White House insists that its policies are about "fairness" and "reciprocity." The evidence now tells a different story of higher prices for Americans, lower margins for U.S. firms, collapsing exports in flagship industries, investment paralysis, and mounting risks of an economic slowdown.

Start with exports. American goods are losing ground fast. A recent KPMG survey finds that "60% of businesses reported decreased overseas sales" in the first six months of President Donald Trump's tariffs. For instance, U.S. liquor exports tumbled 9 percent in the second quarter of this year, with steep declines across the European Union, Canada, Britain, and Japan, which together b

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