Tariffs have once again emerged as a cornerstone of US economic policy under the Trump 2.0 administration. On April 2, 2025, President Donald J. Trump declared a national emergency, citing the $1.2 trillion US trade deficit as a threat to economic stability and national security. The administration attributes the persistent deficit to unfair foreign trade practices, non-tariff barriers, and structural imbalances, which have undermined US manufacturing, created supply chain vulnerabilities, and weakened the defense-industrial base. To counteract these challenges, the Trump administration has implemented sweeping “reciprocal” tariffs ranging from 10 per cent to 49 per cent on imports from various countries, aiming to restore domestic production, enforce fair trade practices, and strengthen supply chains. This policy seeks to enhance economic resilience and national security by reducing reliance on foreign goods and addressing long-standing trade imbalances. However, the effectiveness and broader implications of such tariff policies remain a matter of intense debate.
Tarifs from an American Perspective: Reshaping of US Economic Model (Prerna Gandhi, Vivekananda International Foundation)
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