Trump’s tariffs: Big talk or big action?

This Goldman Sachs Exchanges podcast interviews Jeff Gerrish, former Deputy U.S. Trade Representative, about President Trump's tariff policies. Gerrish outlines Trump's five key goals for tariffs: addressing unfair trade practices, rebuilding US manufacturing, protecting national security, gaining negotiating leverage, and raising revenue. He argues that the tariffs on allies like Canada and Mexico are primarily negotiating tactics, while tariffs on steel and aluminum are likely to be implemented due to national security concerns. Gerrish predicts a high likelihood of either broad reciprocal tariffs or a universal tariff in the future, potentially impacting a wide range of products and significantly altering the global trading system.