Bangladesh, April 12 -- President Donald Trump has once again upended global trade norms with his latest wave of sweeping tariffs and characteristically defiant rhetoric, declaring that countries upset with US trade policy are welcome to stop doing business with America altogether. The message is as bold as it is consequential: the United States is open for business – but only on its own terms.

On April 9, Trump unveiled a new round of “reciprocal” tariffs targeting nearly 90 countries, a move he said was long overdue. While he announced a temporary 90-day reduction to a 10% baseline tariff shortly afterward, the original tariffs – in some cases far steeper – were met with alarm from foreign capitals and Wal...