Trump advisers argue that only tariffs can effectively address trade deficits, which, they say, reflect a plethora of nontariff barriers such as regulations and taxes that suppress consumption and imports. Yet since the 1980s, Trump has advanced a simpler rationale: Others should pay for access to the U.S. market or the protection of the U.S. military.

Trump advisers argue that only tariffs can effectively address trade deficits, which, they say, reflect a plethora of nontariff barriers such as regulations and taxes that suppress consumption and imports. Yet since the 1980s, Trump has advanced a simpler rationale: Others should pay for access to the U.S. market or the protection of the U.S. military.

Including his tariffs on steel, aluminum and autos, the average effective tariff on all U.S. imports as of July 2 was 13.4%, according to JPMorgan Chase. That’s below the April 9 peak, but well above the 2.3% last year, and the highest since the 1940s, before the U.S. and its allies set up the mechanisms to bring down world trade barriers.

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