William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."
Japan and South Korea's economies shrank in Q1, even before tariffs kicked in

U.S. President Donald Trump has long talked up what he sees as the wonders of tariffs -- not just in winning negotiations and raising revenue, but also in leveling playing fields. © Reuters
William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."