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Editorial Board

New US Tariffs Are Working as Intended, Right? Wrong.

Trade barriers are only just starting to affect hard data. Before much longer, the costs will be clear.

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Photographer: Joe Raedle/Getty Images 

According to one school of thought, recent economic data give cause to celebrate. The US trade deficit narrowed dramatically in April. Growth will likely be higher in the second quarter than in the first. And last week’s jobs report suggests the labor market remains solid.

So, the administration’s aggressive new tariffs are working, right?