With prices still high, the Trump administration is heeding the risks of fanning inflation with import duties.
A month ago, President Trump announced that he would impose sweeping tariffs on imports from Canada and Mexico before reaching a last-minute deal to delay them for 30 days.
This week, after markets revolted when the tariffs were put in place, Mr. Trump watered them down with a monthlong reprieve for automakers.
And then on Thursday, he opened up even broader exemptions for many other products that are imported from America’s neighbors to the north and south after intense lobbying from business groups that warned of rising prices.
Mr. Trump has spent last month or so bouncing between imposing sweeping tariffs on imports from Canada and Mexico and delaying them because of last-minute deals.
“There will,” he said, “always be changes and adjustments.”
Despite Mr. Trump’s insistence that “tariff” is among his favorite words, the waffling over import duties reflects the reality that steep import taxes are not an antidote for every policy problem facing the nation.
Mr. Trump’s economic advisers continue to contend that the tariffs are part of a broader agenda that will not damage the economy. However, the delays and loopholes reveal that they are beginning to see the risks of taking tariffs too far at a time when the economy is showing signs of strain and consumers are still reeling from inflation.