A history of tariffs: do they work and who do they hurt?

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A history of tariffs: do they work and who do they hurt?

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A brief history of tariffs

"The word 'tariffs' is the most beautiful word in the dictionary." So says Donald Trump – and an age of dramatically higher trade tariffs is now seemingly upon us. By some estimates, higher tariffs could raise hundreds of billions a year for the US. According to critics, Trump is making a disastrous mistake. However, he's far from the first American president to dabble in tariffs.

So, what’s the truth? Can tariffs and trade protection work? And what happens when they don’t? Read on to discover the impact of tariffs from ancient times to the present day and find out why they've always been controversial.

All dollar amounts in US dollars.

Michael Gallagher

11 July 2025

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