July 20, 2025, is six months since Trump’s inauguration for a second term in the White House. Since then, all previous norms of trade engagement have gone out of the window with the imposition (or threat) of tariffs on goods at rather arbitrary levels and out of line with WTO rules. Almost every supplier country now has its own personalised tariff rate – and some of the world’s least developed countries face the highest tariffs.

In this episode, Meredith Crowley (CITP/University of Cambridge), Stephanie Rickard (London School of Economics), Chad Bown (Peterson Institute for International Economics) and our host Chris Horseman (Borderlex) discuss what Trump might be trying to achieve with these measures. They also analyse the impact on America’s trading partners – and the global trading system – and how both may react to these challenges from Washington.