President Trump’s plan to impose stiff tariffs on dozens of trading partners next week will bring about one of his longtime goals: smashing a global trade system that he believes has robbed America of jobs and money.
The double-digit tariffs that the president has announced on nearly 100 countries represent a momentous change from the trading order that the United States has helped to build up globally since World War II.
They will scrap the low import taxes that the United States agreed to charge on all exports from members of the World Trade Organization in favor of much higher tariffs that vary dramatically from country to country. That will shift the playing field for many companies and set a new course for trade flows and the global economy in the years to come.
For Mr. Trump, the moves accomplish a campaign promise to use stiff levies to rebalance global trade to try to benefit America. The president and his economic advisers believe that tariffs will reduce the flow of imports into the United States and increase U.S. exports, bolstering the factory sector and creating more prosperity while filling government coffers.
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