Uploaded February 2025 | Updated September 2026, 1 minute ago
With President Trump imposing a wave of tariffs on key American trade partners - and threatening many more, the battle over free trade has once again taken centre stage.
This past weekend, the President escalated tensions by announcing sweeping 25% tariffs on Canada and Mexico, along with 10% duties on Chinese imports. Trump postponed the first two tariffs for a month on the grounds of new border agreements, but his actions have shaken the increasingly fragile economic order - with stock markets tumbling.
The 47th President now faces a pivotal decision: will he follow through on his protectionist rhetoric or will economic realities, and old-fashioned bargaining, force him to correct course?
We examine the implications of Trump's tariffs, the economic history of trade and the failures of protectionism.
š Subscribe for more insights on global economics, history, and leadership!
š Check out our website for more economics content:
adamsmith.org
š Check out Maxwell Marlows blog on Trump's Tarrifs:
adamsmith.org/blog/a-return-to-pre-revolutionary-thinking-tariffs
TIMESTAMPS:
00:00 - Start
00:50 - History of trade
01:48 - Adam Smith's insights
02:14 - Scottish Interlude
02:33 - Why free trade works
03:51 - Tariffs as political weapons
05:18 - Who pays for tariffs?
06:54 - Trump's America
07:38 - USA & Tariffs
08:21 - President McKinley
9:19 - The Neoliberal Turn
10:10 - End
With President Trump imposing a wave of tariffs on key American trade partners - and threatening many more, the battle over free trade has once again taken centre stage.
This past weekend, the President escalated tensions by announcing sweeping 25% tariffs on Canada and Mexico, along with 10% duties on Chinese imports. Trump postponed the first two tariffs for a month on the grounds of new border agreements, but his actions have shaken the increasingly fragile economic order - with stock markets tumbling.
The 47th President now faces a pivotal decision: will he follow through on his protectionist rhetoric or will economic realities, and old-fashioned bargaining, force him to correct course?
We examine the implications of Trump's tariffs, the economic history of trade and the failures of protectionism.
š Subscribe for more insights on global economics, history, and leadership!
š Check out our website for more economics content:
adamsmith.org
š Check out Maxwell Marlows blog on Trump's Tarrifs:
adamsmith.org/blog/a-return-to-pre-revolutionary-thinking-tariffs
TIMESTAMPS:
00:00 - Start
00:50 - History of trade
01:48 - Adam Smith's insights
02:14 - Scottish Interlude
02:33 - Why free trade works
03:51 - Tariffs as political weapons
05:18 - Who pays for tariffs?
06:54 - Trump's America
07:38 - USA & Tariffs
08:21 - President McKinley
9:19 - The Neoliberal Turn
10:10 - End
