Trump asserted that children will be fine having two dolls — perhaps three or five — instead of 30 if U.S. import taxes increase consumer prices. The response on social media included memes of him portrayed as the Grinch and photos of a young Barron Trump’s child-sized Mercedes convertible.

Markets cheered the new trade pact between the U.S. and UK yesterday. But the details show that trade war relief will only go so far, even as the de-escalation road map becomes clearer. The big picture: The first significant trade accord of this Trump term affirms that the president is in dealmaking mode and wants to steer around the kinds of economic risks generated by his original announcement of large-scale reciprocal tariffs.