As of Thursday, sweeping new global tariffs are in place. Sort of. Probably. With exceptions?

The big picture: Anyone who thought President Trump's firm deadline to impose tariffs was the final word on the trade war is about to learn a very hard lesson. • Unlike in decades past, trade negotiations are not a process that has a start and a finish, the goal being an agreement that will stand the test of time. • Rather, they are an ongoing process, in which the U.S. can implement tariffs on any country, at any time, for any reason — regardless of any preexisting treaties or handshake deals.

Consider the news over just the last couple of days, well after the Aug. 1 trade deadline passed: • Trump, after saying for months that a trade deal with India was imminent, imposed a 25% levy on th

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