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Introduction: Tariff Turbulence: The New US Trade Policy and its Impact on the Global Trading System

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  • Alschner, Wolfgang
  • Elsig, Manfred
  • Francois, Joseph
  • Manchin, Miriam

Abstract

The second Trump Administration, in office since January 2025, has disrupted the prevailing trade consensus. The corner stone of the new US trade policy is the re-introduction of old-style tariffs at substantial levels to create a so-called ‘tariff wall’ turning away from long-standing practices of tariff liberalization. According to the US Administration, the tariffs pursue multiple objectives. They incentivize re-industrialization, generate revenue, and lower trade deficits with many trading partners. The imposition of new tariffs is coupled with the pursuit of bilateral deals to extract business-type concessions from governments and to encourage investments into the US.

Suggested Citation

  • Alschner, Wolfgang & Elsig, Manfred & Francois, Joseph & Manchin, Miriam, 2025. "Introduction: Tariff Turbulence: The New US Trade Policy and its Impact on the Global Trading System," World Trade Review, Cambridge University Press, vol. 24(4), pages 427-429, October.
    • Handle: RePEc:cup:wotrrv:v:24:y:2025:i:4:p:427-429_1
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    Cited by:

    1. Oscar Domenichelli, 2026. "A Preliminary Analysis of the 2025 US Tariffs and Their Impact on EU and Italian Firms," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 18(4), pages 1-1, April.

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