The Republican senator, Ben Sasse, put it best: “‘Make America Great Again’ shouldn’t be ‘Make America 1929 Again’.”

Most of the world, including the majority of America’s business community, see Donald Trump’s punitive trade actions in a similar light. They are searching for economic logic where none exists. His impulse is political. Though slapping tariffs on metals and car imports will lead to a net loss of American jobs, Mr Trump’s actions are meant for the “forgotten American”. They will feel noticed, even if it costs them dearly.

The biggest price tag is geopolitical. Mr Trump’s decision to impose the tariffs on national security grounds was simply a matter of convenience. The notorious section 232 of the Trade Expansion Act has only been used twice before — each time with some justification. Mr Trump is barely trying to make the national security case against European or Canadian metal imports. He chose 232 because the law gives the US president maximum leeway to do what he likes.