Ahead of what Trump calls America’s “Liberation Day,” when he is expected to unveil widespread tariffs, Fareed speaks with the former U.S. Trade Representative and current Council on Foreign Relations President Michael Froman on what Americans can expect.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

President Trump is expected to announce a series of tariffs, a move he refers to as America’s “Liberation Day.” These tariffs would potentially reverse decades of decreasing tariff rates, harking back to around 8%, a level not seen since the mid-20th century. This decision may mark a shift from a multilateral, rules-based trade system to one favoring bilateral deals.

Former U.S. Trade Representative Michael Froman suggests this move could have significant implications for the global economy. There is uncertainty about whether the tariffs will apply universally or target specific countries, particularly those with which the U.S. has substantial trade deficits. Froman argues that such a shift could disrupt the global trading system established over the past 80 years, potentially leading to retaliation from other countries.

President Trump’s intention appears to be multifaceted, aiming to generate revenue, leverage, and transform the U.S. into a manufacturing-centric economy. This stands in contrast to prior administrations’ reliance on policies like industrial strategies to bolster U.S. manufacturing. However, Froman notes that tariffs are essentially a tax, and their imposition may result in higher costs for consumers and a slowdown in economic activity. This strategy could polarize opinions as the public weighs the prospect of higher prices against potential manufacturing job growth.



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