So many tariffs, so many bad arguments for them. I collect several in my column today.

The commentator Batya Ungar-Sargon suggested on Fox Business that Wall Street was, in “utterly despicable” fashion, trying to force Trump to abandon “the American worker” — an analysis that the White House amplified on social media. On this theory, investors around the world acted, in concert, to deplete their own wealth by trillions of dollars in order to achieve a shared political objective. An alternative theory is that the tariffs reduced investors’ expectations of future corporate profits and prices moved accordingly. I’ll trust readers to judge which explanation has more plausibility. . . .