Last week, the Trump administration proudly unveiled its latest act of economic showmanship: a 10% baseline tariff on countries around the world, with even steeper rates for key trading partners like China, the EU, Japan and Korea.

And with that, the global trading system was reminded that Donald Trump isn’t just a disruptor - he’s a destroyer of the status quo. 

Worse still, there’s no grand strategy here. Just a misguided faith that slapping tariffs on virtually every partner will somehow generate prosperity. Spoiler: it won’t. Canada and Mexico were technically spared from the headline tariffs. But don’t pop the champagne. Steel, aluminium and auto tariffs (on non-U.S. content) remain, and we’re about to get hit with new duties on softwood lumber.  So much for the “special relationship”. 

Thankfully, Canada and Mexico have preserved a 0% tariff rate on CUSMA-compliant goods which is an estimated 75% of current Canadian exports to the United States. Not bad, but not nearly good enough for a partnership that, for decades, made North American exports globally competitive and kept consumer prices in check across the three countries. 

So what exactly was Liberation Day supposed to celebrate? Judging by the game-show placards and infomercial vibes, it looked more like a bad TV pitch than a coherent policy. 

Markets are jittery. Predictability (the lifeblood of business confidence) is nowhere to be found. And with counter-tariffs piling up, global allies are both confused and concerned. China fired back last Friday with a 34% counter-tariff on U.S. goods and both Washington and Beijing are escalating their words threatening even higher tariff walls. 

To be blunt, some of the tariff moves are just plain weird. 

Take tiny Norfolk Island, a remote Australian territory that was hit with a 29% tariff on its goods – nearly triple the base rate applied to Australia. The baffling part? According to officials, the island doesn’t actually export anything to the U.S. Not exactly a bold strike on trade deficits.

Then there’s the targeting of some of the world’s poorest countries. Madagascar, one of the world’s most impoverished nations, was slapped with a 47% tariff despite only modest trade in niche areas such as spices and apparel. Similarly, Lesotho was hit with a 50% tariff and Cambodia saw a 49% tariff imposed. Surely, these aren’t the countries to target in order to Make America Great Again?

Even staunch Trump supporters are starting to sweat. Billionaire investor Bill Ackman is warning of a “seilf-incuded economic nuclear winter” and is urging a timeout so “cooler heads prevail.”

Markets are sinking. Certainly is vanishing. And America’s trade agenda looks less like strategy and more like an economic experiment with vinegar, baking soda, and no adult supervision. 

It's the volcano at the science fair -- the kind that erupts everywhere, makes a huge mess, and impresses the kids. But no one’s giving a blue ribbon. That’s Trump’s trade policy now. 

Adam Taylor is a partner at NorthStar Public Affairs, where he advises companies and governments around the world on complex trade and economic issues. As a senior advisor on international trade in the Conservative government of Stephen Harper, Adam helped Canada expand its access to global markets through various free trade and trade-related negotiations.