By Inga Kiderra, Christine Clark, and Erika Johnson

Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States’ economic policy arsenal, dating back to the 18th century. Recently they’ve returned to the spotlight in a big way. From steel and solar panels to shoes and semiconductors, tariffs have been used to confront economic rivals, protect domestic industries and respond to shifting geopolitical tides.

The Trump administration reignited widespread use of tariffs starting in 2018, and the Biden administration continued using them as a strategic tool. Since Trump assumed office again in January 2025, there have been multiple tariff actions and policy changes.

So, what are tariffs really doing—for consumers, businesses, the markets and the broader global econ

See Full Page