The Trump administration announced large tariff increases for most countries on ‘Liberation Day’, but has rowed back on implementing them to allow 90 days to negotiate new trading arrangements, leaving in place only a 10% tariff that still applies. For now, it is unclear how negotiations will play out, given that there are at least four plausible objectives for the US. One is to use tariffs to raise revenue. Another is to use tariffs to encourage domestic manufacturing, and a