Trump’s tariffs are undermining the peaceful, prosperous world order

In the blizzard of last-minute tariff threats and trade deals, Americans are losing sight of the big story: a seismic shift in world affairs. The United States, the creator and upholder of the open global economy, is now imposing its highest average tariff rate in nearly a century — and now has the highest tariffs of any major economy in the world.

The Trump administration is reversing 80 years of American economic and foreign policy that consistently pushed countries to remove restrictions and taxes on trade. The effects of this policy revolution are not to be measured in today’s stock prices, but rather in the kind of world that will emerge as a result.

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