Since returning to the White House in January, President Donald Trump has overturned decades of U.S. trade policy — building a wall of tariffs around what used to be a wide-open economy.
His double-digit taxes on imports from almost every country have disrupted global commerce and strained the budgets of consumers and businesses worldwide. They have also raised tens of billions of dollars for the U.S. Treasury.
Trump has argued that his steep new import taxes are necessary to bring back wealth that was “stolen” from the U.S. He says they will narrow America’s decades-old trade deficit and bring manufacturing back to the country. But upending the global supply chain has proven costly for households facing rising prices. And the erratic way the president rolled out his tariffs — announcing them, then suspending or altering them before conjuring up new ones — made 2025 one…
