Trump has embarked on a punishing trade war, claiming that deficits with other nations show they are "ripping off" the United States
A worker directs truck traffic at a terminal at the Port of Los Angeles, in Los Angeles, California, on July 31, 2025. President Donald Trump ordered the reimposition of tariffs on dozens of trading partners - his cornerstone strategy for reshaping global trade to benefit the US economy.
Image: Robyn Beck / AFP
President Donald Trump has succeeded in strong-arming nations to accept higher tariffs on US exports, yet for now experts see little threat to the postwar trend of lower duties in the pursuit of greater wealth all around.
Since World War II, most politicians and economists view free trade as a pillar of globalisation, enshrined in the 1947 signing of the GATT accord.
It was the precursor to the World Trade Organization, which now has 166 members and covers 98 percent of global commerce.
"What we've learned in the postwar is that lower tariffs are better for prosperity of your own country," said Richard Baldwin, a professor at the IMD Business School in Switzerland.
"And it's also good if other countries lower their tariffs, so we have a vibrant international economy," Baldwin, who was a member of US president George Bush's Council of Economic Advisors, told AFP.