TRUMP HAS MANY ARGUMENTS FOR TARIFFS. THEY'RE ALL WRONG. My local bookstore has been taking advantage of me for years. I have run a trade deficit, giving it money with nothing but books in return. At the same time I have been taking advantage of my employer, running a trade surplus with it as it gives me a salary with nothing but educational services in exchange. Thinking that way about the kinds of exchanges we all engage in is obviously absurd. But that's precisely the reasoning behind the "reciprocal tariffs" President Trump is expected to announce this week.