President Donald Trump’s vision for global trade could become a reality this week. Numerous countries around the world are facing the prospect of new tariffs starting Aug. 7. President Donald Trump had threatened to impose the tariffs on Aug. 1 but delayed the deadline by a week just hours before they were supposed to take effect.

Under the current tariff proposal, Americans will see an average tax of 18.3 percent for imported products. That’s the highest rate since 1934, according to the Budget Lab at Yale, a non-partisan policy research center.

As with past tariff announcements and trade deals, there is a chance for things to change. Louis Johnston, an economics professor at the College of St. Benedict, joins Minnesota Now to help us understand where things stand.