The announcement that China tariffs would be lowered to 30 percent, and China’s retaliatory tariff lowered to 10 percent, was greeted with great fanfare and equity market rallies. Get over it.

The reality is that it is just a 90-day pause – there is no trade agreement. If it were a trade agreement, it would have accomplished only the partial unwinding of self-inflicted damage done by the president. Indeed, other than the sale of some Boeing airplanes to the UK, the president has accomplished nothing new as a result of the global trade war.

Tariffs on steel, aluminum, and autos. Nothing.

Tariffs on China, Canada, and Mexico. Nothing

A universal tariff of 10 percent. Boeing airplanes!!! [insert sound of golf clap here]

Reciprocal tariffs on 70 nations and a 90-day pause of reciprocal tariffs. Nothing. Not even a single trade agreement.

The promise of tariffs on semiconductors, pharmaceuticals, lumber, copper, and, ahem, movies. Nothing.

Or perhaps this is unfair. The president has roughly tripled the effective tariff rate from around 2 percent to around 6 percent, weakened the U.S. economy, re-awakened capital markets to the precarious fiscal condition of the government, and left diplomatic relations in tatters around the globe.

Now that’s something.