The US Government has put tariffs front and centre of its economic policy since Trump's second administration began at the start of last year. After implementing tariffs in April 2025, the US has subsequently raised and lowered tariffs and negotiated exemptions and add-ons for different countries and different sectors. In February this year, the implementation of the ‘Liberation Day’ reciprocal tariffs was ruled illegal by the US Supreme Court, and a flat rate tariff of 10% was applied under different legal act.

In this podcast, we discuss the net result of these past 12 turbulent months, looking at how trade has responded to the tariffs and the potential longer-term effects of tariffs to the world trading system. To address these questions, are Jun Du (Aston Business School / Centre for Business Prosperity), Emanuel Adam (BritishAmerican Business), Tim Figures (Boston Consulting Group) and our host Chris Horseman (Borderlex).