The details of the tariffs are still unclear, which is one reason the markets are so on edge. Political leaders are on edge as well, because Mr. Trump has made clear that the tariffs will fall on adversaries like China as well as nations that, until recently, were considered America’s closest defense and intelligence allies.

Trump administration officials do not dwell on the price that will be paid by consumers, nor on the effects that the inevitable retaliation will have on American farmers. But just as curiously, the administration has not described any cost-benefit analysis of the president’s actions, such as whether the revenue gained is worth the damage done to America’s central alliances.

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