The emergency of the moment is the economy. President Donald Trump declared a national emergency to address a long-standing trade imbalance and declare a global trade war. After a week of market calamity and recession fears,

If you’re confused about why that’s an emergency, you’re not alone. So are experts. But regardless of whether the trade deficit is an actual crisis (it isn’t), the reason Trump declared an emergency is straightforward: He wanted to invoke his emergency powers — specifically those granted to him under the International Emergency Economic Powers Act — to quickly implement his new trade policy.

Several new, sweeping taxes on goods from other countries are already here — and more took effect on Wednesday. Trump has promised higher rates for his latest and most severe volley of duties, which he calls “reciprocal” tariffs.