What does the Trump team actually want to accomplish with tariffs? We discuss a 2024 paper by Stephen Miran, Trump's economics advisor, analyzing potential strategies for restructuring the global trading system under a hypothetical second Trump administration. He explores the use of tariffs and currency policy to address perceived economic imbalances stemming from dollar overvaluation and to bolster American industry. The guide examines the economic and financial market consequences of these tools, including inflation, trade flows, and market volatility, while also considering methods for mitigating negative side effects like gradual implementation and international cooperation. Ultimately, the document provides a framework for understanding potential policy shifts and their implications for the global economy.