President Donald Trump’s latest tariff moves have drawn worry from Wall Street as stocks slumped and Treasury yields fell sharply

The president has pitched his trade policies at workers who feel left behind by globalization. But that doesn’t mean trade barriers will revive factories and close income gaps.

In Donald Trump’s first term as president, Japan stood out as an exception in opting not to retaliate against his tariff hikes, as the late Prime Minister Shinzo Abe reckoned it was better to shrug them off in favor of maintaining the broader economic and security relationship.