New Delhi, Aug. 4 -- In his uneven crank-up of import barriers for various countries on flaky logic, US President Donald Trump has pitted the world's top economy against the free- market theory that drove globalization after the Cold War. His 'America First' trade policy may also have tilted Cold War II odds of success-even if slightly-towards its big Asian archrival, China. It's a daring bet on an economic reset by White House whim.

Even asthe Oval Office shows signs of cabin fever, America's inward lurch has shaken the high seas, sending shudders all around the globe. India stares at a 25% 'reciprocal' tariff, plus a punitive levy, placing us in the club of shunned nations, with our access to the US market for medical pills and digital...