Trump’s trade and tariffs policies are flawed and contradictory—and the ‘Mar-a-Lago accord’ is suited for the trash bin

President Trump’s trade war is a stark departure from traditional U.S. trade policy. His journey off the beaten path has given rise to whispers of a new order of global finance and trade, what some are dubbing the “Mar-a-Lago accord.”

What do we know about that accord so far? For one thing, we know it is the brainchild of the president and two of his top economic advisers: Treasury Secretary Scott Bessent and Stephen Miran, who chairs the Council of Economic Advisers. Indeed, last year...