No one should be surprised if the Trump administration uses the current situation as a pretext for imposing new trade barriers. Trump has shown that he is happy to apply vast trade restrictions in good economic times, even over the objections of American business. Tariffs on tens of billions of dollars of steel and aluminum are still in place. The administration reached a temporary truce with China in February, but most of the trade war tariffs remain, still affecting more than half of two-way trade. Now come the bad economic times—and a presidential election. Trump will need someone to blame for the mass unemployment and bankruptcies that COVID-19 is leaving in its wake. If and when he picks foreigners as that scapegoat, his natural next step will be further protectionism.