Unlike Macron, Trump has found the antiestablishment, anti-immigrant vocabulary that soothes the fears of many of globalization’s losers. Moreover, Trump has tools that French and other European leaders lack: He can pump prime the U.S. economy with tax cuts and run up mammoth deficits because foreign countries like China are so willing to park their surpluses in dollar-denominated Treasury bills. Yet this profligacy will cost our country dearly in the not-too-distant future, with interest rates rising.