When President Donald Trump campaigned in 2024, he promised a trade agenda that would hit China harder than any other economic partner, expanding on actions he had taken in his first term. Trump talked about imposing a tariff of 60% or more on the country and proposed stripping China of the preferential trade relations given to it when it joined the World Trade Organization. The rest of the world would be subject to tariffs, too, but they would be much lower, at 10% or 20%. More than a year into Trump’s second term, the picture looks dramatically different. Though U.S. tariffs on China are higher overall when the tariffs from Trump’s first term are added in, other countries have faced punitive levies that were nearly as high, and higher for some products. The Trump administration has saved its most caustic criticism for allies in Europe and Canada, while approaching China more cautiously.…