The imposition of tariffs on Mexico and Canada shows that President Trump’s industrial policy isn’t just rhetoric; it could be applied equally to friends and foes. But what exactly are tariffs? How do they work? Who ultimately pays the price? And what could happen to USMCA if similar tariffs are imposed? Let’s break it down:…
The word “tariff” made its way into English sometime in the 16th century. Hulton Archive/Getty Images hide caption toggle caption Hulton Archive/Getty Images Tariffs are President Trump’s favorite word. That’s not an exaggeration. “I always say ‘tariffs’ is the most beautiful word to me in the dictionary,” he said at a rally just hours after…
Q: The World Trade Organization was created to oversee international trade. What is its role now?Since the late 1940s, under American leadership, a rules-based multilateral system has been operating, and its performance has been outstanding. It has been associated with increasing trade liberalization. It has allowed millions of people living in Asia and other poor…