Donald Trump won a second term in the White House by promising a bonfire of the verities—the truths that wonks in economic and foreign policy circles hold sacred. Free trade is out, protectionism is in. Worrying about the debt is out, tax cuts are in. The US security guarantee is out, do-it-yourself defense is in.The established order Trump wants to overturn hasn’t covered itself in glory. Under President Joe Biden, inflation in the …
