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Tariffs are dominating the news cycle worldwide—and for good reason. In 2025, President Donald Trump’s administration took an unprecedented step, imposing sweeping tariffs on imports from some of the world’s largest trading partners: Canada, the EU, China, and beyond. These tariffs have redefined the landscape of global trade and set the stage for a new era of economic confrontation. But what are tariffs, exactly? How do they work, and why is it important to understand them? J. E.

FT Recommended Book on Global Trade War. 'It succeeds both in explaining how global trade works and how it affects things many voters actually care about' – Financial Times. 'My hero on this is Dmitry Grozoubinski, who has written the most beautiful book' – author Rory Stewart. Why Politicians Lie About Trade reveals how international trade really works – the roadblock tariffs, the hard-won deals and the damaging disputes.