Terry Gross
President Trump's sweeping "Liberation Day" tariffs have upended the global economy, sending stock markets into turmoil.
"This is, without a doubt, the biggest trade policy shock, I think, in history," Zanny Minton Beddoes, the editor-in-chief of The Economist, says.
Trump last week ordered a minimum 10% tax on nearly everything the U.S. buys from other countries. He's also ordered much higher levies on things the country buys from China, Japan and the European Union. However, a lot of those tariffs are in flux, because almost each day the president has either increased some tariffs or paused others.
"Presidents from Reagan to President Biden have increased tariffs on individual goods or individual sectors, but nothing like this. So this is off the charts in terms of scale, ... speed and uncertainty," says Minton Beddoes, who is a former economist for the International Monetary Fund.
While the motivation behind the tariffs remains unclear, she says that the Trump administration could be seeking to "radically remake the rules of global security, geopolitics, economics."
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