“Nobody is getting off the hook for unfair trade balances,” insists Donald Trump. The exemptions and exclusions to the tariffs he has imposed on imports to America would suggest otherwise. His “reciprocal” tariffs announced on April 2nd included a 37-page annexe with exemptions for $644bn-worth of American imports, about a fifth of the total. On April 11th another 20 products were exempted, including smartphones and computers.