U.S. officials are considering whether they can strike a deal with China that would ramp up its purchases of American goods and investments in the United States.

The president’s plan for reciprocal tariffs sounds good in theory. But there was a reason the United States abandoned the approach a century ago. The gains would be few and the costs enormous.

The European Union has suddenly expressed an avid interest in conducting mutually beneficial trade deals with the United States, and this statement comes at a time when the controversy surrounding tariffs is currently at its peak.