The great dealmaker is conspicuously short of trade deals

The world’s trading system is now a reality-TV show. “We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World,” President Donald Trump proclaimed in letters dispatched to many of America’s partners on July 7th. Then he threatened them with tariffs set to take effect on August 1st: 25% for Japan and South Korea, 32% for Indonesia and 36% Thailand.