A blanket tariff of 10% on foreign imports was announced, with some exemptions, by the Trump administration, designed to respond to trade imbalances. Those follow a recent announcement of 25% tariffs on autos, effective this month, and earlier trade restrictions including levies on steel and aluminum. The changes mark a major inflection point in U.S. trade policy, with significant consequences, including higher costs for manufacturers and shippers, supply chain disruptions, and possible retaliation from both allies and adversaries.

How significant are these levies? Are tariffs as radical as they appear to be in the context of history? And, in the months and years ahead, how might markets, stakeholders, and the economy react based on past precedent? Douglas A. Irwin, a leading historian of U.S. trade policy, joins us to unpack these pressing questions and understand the potential impacts of this moment, and how it fits into the longer arc of American economic statecraft.

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