Trump’s Shaky Leverage as China Talks Get Started: Supply Lines

One argument made for President Donald Trump’s tariffs is that they give him leverage over other countries. But what happens when signs emerge that his leverage is a diminishing asset?

It’s a very real and immediate question. As US and Chinese negotiators gather in London on Monday it’s hard to make the case the US has the strengthening hand. Or that Trump’s bargaining position is about to improve.

Ever since April 2 and the Rose Garden rollout of his “Liberation Day” tariffs, Trump’s been engaged in tactical retreats.

You can argue those have all been in support of the ...