The Trump administration has exempted a swath of electronics from most, if not all, of his tariffs in a big victory for the likes of Apple and Dell.

A couple of points:

—If tariffs weren’t harmful to American business and consumers, Trump wouldn’t need to hand out exemptions.

—This process is inherently unfair insofar as companies that can get Trump on the phone are likelier to get relief than smaller companies no one has heard of.

—It makes no sense to exempt finished goods largely manufactured in China, while continuing to put maximum tariffs on inputs that U.S. manufacturers need to make things here.

—Obviously, this entire process is arbitrary and poorly thought out.