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President Trump's administration has implemented a global tariff baseline of 15-20%, significantly altering the global economic landscape. This move, a departure from decades of free trade policies, is intended to boost domestic employment and reduce the federal deficit. While the administration touts deals with the EU, UK, and others as successes, critics point to muted market reactions, increased recession odds (now estimated at 1 in 3), and minimal impact on manufacturing employment and wages. The long-term effects remain uncertain, particularly regarding deals with China, Canada, and Mexico, and potential legal challenges.

Prepared by Christopher Adams and reviewed by editorial team.