This podcast episode explores the history of US tariff policies and their consequences. It highlights three distinct eras of tariff policy in the US, starting with tariffs being a means of raising revenue, then shifting towards a protectionist approach to trade, and finally experiencing a period of reciprocation and negotiations with other countries. The recent backlash against globalization has led to the reemergence of tariffs, with former President Trump and President Biden imposing tariffs. However, tariffs have negative implications for consumers and can hinder the transition to sustainable practices, such as the adoption of electric vehicles. The potential escalation of tariffs on Chinese goods could further raise costs for everyday items, placing a significant financial burden on typical families.
