One tariff catch phrase that will soon creep into public discourse is “countervailing duty.” The term describes an anti-subsidy tariff that is used to discourage unfair competition arising from state intervention in markets. Governments are currently allocating trillions of dollars to keep companies afloat. In the aftermath of COVID-19, lots of imports will arrive on foreign shores from companies that got bailouts. Under WTO rules, it matters little if the domestic industry got a handout, too, or if the foreign subsidy was sensible economic policy at the time. The rules allow for both sides to subsidize and both sides to reciprocate with anti-subsidy tariffs, as inefficient an outcome as that may seem.