The Wall Street Journal on Wednesday questioned the purpose of Donald Trump’s tariffs.

The newspaper highlighted the upheaval and toll they have placed on the United States — from diplomatic fallout to Americans having to pay higher prices for imported goods ― and asked: “All of this for what benefit?”

The Rupert Murdoch-owned newspaper’s conservative editorial board acknowledged, in its latest in a long line of essays taking aim at the president’s signature economic policy, that the stock market is rising, as Trump has boasted about.

But it also noted that “it tends to rise when Mr. Trump dials back a tariff threat, and fall when he issues a new one,” and concluded that tariffs are, in fact, broadly “a market loser.”

The board ended with a stark assessment: “Voters elected Mr. Trump to revive economic growth and tame inflation. His biggest successes have come despite his tariffs, not because of them. He isn’t going to repeal them. But if he froze them in place now and declared victory, he’d have a better chance of persuading Americans that he’s fulfilling his promise.”