Google (GOOG) just made its largest acquisition ever. It shelled out $32 billion (!) for cybersecurity startup Wiz. My editor often accuses me of burying the lead. I won’t make that mistake this time.

Financial market news has seemingly become all tariffs, all the time. The president’s plan, whatever it is, seems to spring from his belief that trade deficits are bad and must be eliminated. Tariffs ...