How Trump’s Sweeping New Tariffs Could Shake Up U.S. and Global Economies
Ask students: What are some of the countries singled out with some of the highest tariffs? How will the tariffs affect prices in the U.S., according to Farzad?
President Trump escalated trade wars with a new set of sweeping tariffs for about 60 countries. During a speech in the Rose Garden, the president declared a national economic emergency as the legal justification for the new tariffs. Trump says tariffs will revitalize manufacturing in the U.S. Amna Nawaz discussed the move with Roben Farzad, economic analyst and host of Full Disclosure.
Key Terms
tariff — a tax on imported or exported goods
trade war — a scenario where two or more countries build trade barriers (such as tariffs) against each other's goods and services. Trade wars diminish trade between participating countries.
luddite — someone opposed to new technology. Named after a movement that opposed changes during the Industrial Revolution
Warm-Up Questions
- What are some of the countries singled out with some of the highest tariffs?
- Why does the Trump administration say the tariffs were needed?
- Who is Roben Farzad, and what is his background?
- When was NAFTA (the North American Free Trade Agreement) signed, and how did it represent agreement between Republicans and Democrats, according to Farzad?
- How will the tariffs affect prices in the U.S., according to Farzad?
Focus Questions
- How do you think tariffs will affect the economy in your community?
- What do you think will become more expensive that you buy commonly?
- Is anything made in your community that is exported to other countries, and if so, how do you think those businesses will be impacted?
- Do you think new industry or businesses might grow in your community thanks to tariffs?
Media literacy: Why do you think this story mostly focuses on the impact tariffs will have on businesses, especially those in the U.S.? Who else will be impacted? Where could you find out more about other effects of the tariffs?
What Students Can Do
Watch the following video for more on the history of tariffs in the United States. During his Rose Ceremony announcement, President Trump blamed the Great Depression on replacing tariffs with income taxes. After watching the video, discuss — do you think his claim has any basis in historical fact? Why or why not?
Additional Resources
Dig deeper with tariff resources using the Financial Times (FT). FT offers free subscriptions to high schools. Register here. Tariff resources from FT:
- Trump tracker and graphics: https://www.ft.com/content/2c473393-35fb-479d-8bba-236a1a98087c
- Lesson plan: US High School Economics class: US farmers express dismay over proposal for levies on China-built ships
- Brief summary: Donald Trump’s tariffs in brief: universal levies and targeted retaliation
- Analysis: Donald Trump erects a protectionist barrier around America
- How they came up with the figures: Reciprocal tariffs: you won’t believe how they came up with the numbers
Republished with permission from PBS NewsHour Classroom.
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