What was the point of April’s market chaos?

News Snapshot:

The fog of uncertainty created by U.S. President Donald Trump’s trade war is suddenly lifting, although doubts over its longer-term economic impact will linger. As will another question: what was the point of all that ‘Liberation Day’ chaos and confusion? Trump, a consistent advocate of tariffs since the 1980s, made it very clear during his election campaign that he intended to significantly raise import levies. As the self-styled ‘Tariff Man,’ he vehemently argued that tariffs will help raise federal revenues, revitalize U.S. manufacturing, and reduce the country’s yawning trade deficit. One can argue the economic merits of his agenda, but...