The global economy just entered its most dangerous phase yet. The US unleashed a fresh wave of tariffs on 60 economies — rates ranging from 10% to 12.5% — under a Section 301 forced-labor justification, with Canada absorbing the heaviest blow at 50% on nearly $20 billion of imports. Oil has punched through $100 a barrel, the Strait of Hormuz is effectively closed, and Houthi strikes on Saudi tankers have dragged the Middle East conflict into a second...