The record U.S. trade deficit with China in October suggests that the application of 10% tariffs on around $200 billion of Chinese exports in September failed to deter imports. Those “list 3” products actually saw a 5.3% increase in imports on a year earlier in October. By contrast imports of the list 1 and 2 products, which had 25% duties applied in July and August, each experienced a 17.4% and 11.5% drop respectively in the first month after duties were applied. The largest October increase in imports among list three products in absolute terms was for PVC floor tiles at $113.6 million...