President Donald Trump is redefining the concept of “tariffs,” challenging their historical framing in order to use them to create freer trade that benefits America.
Numerous U.S. trading partners slap much higher tariff rates on U.S. products than we do on theirs, and through the new possible tariff system signed into place by executive order Thursday, Trump aims to fix this imbalance.
It’s important to note Trump’s executive order, which he says outlines “reciprocal tariffs,” doesn’t enact tariffs—instead, it gives other countries time to come to the table and lay down their weapons of economic war. It also orders his advisers, including Commerce Secretary Howard Lutnick, to prepare a report by April 1 on the steps needed to rebalance tariff rates across the world with more than 200 trading partners, including countries, territories, and regional trading…
