[Phlogiston]

Look like it is contaminated with something. A heavier coat is going to fisheye worse up to the point it is so heavy that you get runs. If you were using spray equipment you would add fisheye reducer. In your situation, I would wait a day or two and recoat and then again, building up enough material that the roughness can be sanded out prior to polishing. If you are using semi-gloss, which is what that looks like, polishing will need to wait for a month or so after the last coat.