One year ago at the Economic Club of New York, Donald Trump confronted a roomful of businessmen and billionaires with a choice: Line up behind him and “freedom” in the coming election or brace for the coming “communism” that “Comrade Kamala” would surely deliver as president.

President Trump and his top advisers appear to be singing a different tune as they march to their latest trade war. It goes like this: markets-are-made-for-America, not America-for-markets. Trump and several cabinet members said as much, even as the White House delayed some tariffs on Canada and Mexico amidst economic fears.