Tariffs to Deliver Supply Chain Shocks Lasting Through Christmas

The afternoons are getting warmer, the cherry blossoms have bloomed, the sun is setting a little bit later—obviously, now is the time to be thinking about Christmas. Or, at least, it might be time to think about Christmas shopping.

The holidays aren’t exactly around the corner, but it’s starting to seem inevitable that President Donald Trump’s ever-changing tariffs—launched in early April, delayed for imports from most countries until July, repeatedly escalated for Chinese imports, and threatened for even more things like movies and pharmaceuticals throughout the spring—will kneecap the year’s busiest shopping season. The administration’s placeholder policy ...