In the latest episode of 'Who Can Out-Drama Whom?', President Trump signed an executive order this week renaming Lake Ontario to 'Lake America' - a move that's either a brilliant geopolitical flex or a geographic identity crisis. Either way, it's the newest symptom of the fraying U.S.-Canada relationship, which has devolved into tariff tit-for-tat, schoolyard insults, and at least one press conference that would make a sailor blush.

Meanwhile, the administration is trying to economically squeeze Iran while maintaining a delicate trade truce with China - a balancing act that has trade experts reaching for the aspirin. Wendy Cutler, a former U.S. Trade Representative negotiator with nearly three decades of diplomatic battle scars, joined NPR's Scott Simon to explain why we're all in this mess.

On the Canada front, Cutler sees a path to reconciliation, noting that trade negotiations do break down - but usually without renaming each other's lakes. The good news: both trade ministers have 'toned down their rhetoric' in the last 48 hours, which is diplomatic speak for 'we've stopped yelling profanities at each other.' So there's hope, folks.

But Canada's Prime Minister Carney is already flirting with 'middle powers banding together' - a strategy that might reduce Canada's dependency on the U.S. over the long term, even though their economies are so intertwined that a hiccup in Detroit causes a sneeze in Toronto.

Then there's Iran. The administration's 'economic D-Day' came and went, but the president seems reluctant to pressure China - Iran's biggest oil buyer - because he's got a 'special relationship' with Xi Jinping and really wants that September 24 meeting to happen. Cutler points out that if we're serious about Iran, we'll have to get tough with China, but the president would rather not. So expect Treasury Secretary Bessent to try some creative middle-ground gymnastics.

Cutler also had some choice words about the weaponization of tariffs: they're bad for the U.S. economy, bad for the global economy, and they're paid by businesses and consumers alike - from Walmart shoppers to manufacturers trying to make finished products. Tariffs can be a strategic tool if used selectively, but Trump has gone full tariff-happy, and two-thirds of Americans are fed up (according to polls, not just vibes).

And the tariff parade isn't over. New investigations are underway on excess capacity, wind turbines, medical equipment, and other Section 232 national security cases. So buckle up - as long as Trump is in office, the tariff machine keeps churning.

Wendy Cutler, senior vice president at the Asia Society Policy Institute, suggests a smarter approach: use tariffs strategically and selectively, keep them high on products that matter, and low on everything else. Otherwise, we're just shooting ourselves in the foot - and renaming lakes isn't going to help.