Listen to a podcast episode that outlines 250 years of world trade history.

The history of tariffs stretches back to ancient Rome and Greece, where taxes were levied on imported grain and textiles to control trade.

Tariffs once fueled the US economy, historically serving as a primary source of revenue and a means to protect domestic industries.

Behind the scenes on tariff politics

Economist Gene Grossman joined the Trade Talks Podcast to discuss why tariffs really happen. The episode digs into how voters, politicians, lobbyists, and even campaign cash can affect when protectionist trade policies are put forward. Produced in 2019, the podcast also discusses how populist trade policies and identity politics accounted for Donald Trump’s victory in the 2016 Presidential election.

Policymakers make complex trade-offs when considering tariffs—while they can generate government revenue and encourage the consumption of locally produced goods, they can also lead to higher consumer prices and may negatively impact economic growth.

An economic evaluation of US tariffs

Most economists agree that the implementation of large-scale tariffs on foreign goods would hurt both the American and global economies. This video from The Wall Street Journal explains the rationale for tariffs as a tool for domestic job creation, but explains why they may hurt the overall economy.

Tariffs are taxes levied on goods imported from abroad.

The history of the World Trade Organization

This episode of the "Brettonomics with Nancy Jackson" podcast explores the history of the WTO and its predecessor, the GATT, revealing the key people, negotiations, and decisions that shaped today's international trade rules.

Read an overview of US tariff policy before the second Trump Administration

This comprehensive report from the Congressional Research Service explores the evolving role of tariffs—from a major source of government revenue to a tool for trade and foreign policy—providing insights into current practices, legal foundations, and global trade dynamics.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions.

The Smoot-Hawley Tariff Act—which was passed during the Great Depression with the goal of reviving domestic industry—is among the most famous pieces of economic legislation in US history.

How do tariffs work?

This brief animated video from Time walks through a simple example of a tariff on a single good, illustrating how this would affect the market for the good—both domestically and abroad—and who would eventually bear the cost of the tariff.

Track how American tariffs have impacted different countries and industries.

See a chart showing how US tariff revenue has grown in recent years.

The Tariff Act of 1789 was one of America's first acts.

Revenue from tariffs goes to the US Treasury's general fund.

The overall economic effect of President Trump's 2025 tariffs remains unclear

Researchers from UCLA and Yale found that tariff revenue and gains to US producers largely offset importers' costs—but the broader picture is murkier, as the trade deficit rose, manufacturing jobs declined, and 90% of tariff costs were passed through to importers rather than absorbed by foreign exporters.

Adam Smith’s 'The Wealth of Nations' introduced concepts like division of labor, productivity, and free markets

Published in 1776, "The Wealth of Nations" is an influential economic work that laid the foundation for modern economic theory. Smith argued for limited government intervention and touted the benefits of self-regulating markets.

Global trade volume is roughly 45 times what it was when the General Agreement on Tariffs and Trade was founded

Since 1950, world trade values have grown nearly 410 times, mainly due to the successive tariff reductions negotiated under GATT and the WTO.

The General Agreement on Tariffs and Trade and its successor, the WTO, was formed to reduce trade barriers between nations.

Listen to a podcast that traces the history of DOJ antitrust enforcement

This podcast series traces how the US government's approach to regulating big business has changed over a century—from the DOJ's breakup of John D. Rockefeller's Standard Oil monopoly, through lawyer Robert Bork's influence on how courts interpret competition law, to the FTC's modern antitrust lawsuit against Amazon.

The GATT and its successor, the WTO, were established to lower trade barriers

Signed in 1947, the General Agreement on Tariffs and Trade began systematically reducing tariffs and trade barriers among member nations. In 1995, it was replaced by the World Trade Organization, which expanded those rules and established a formal dispute settlement system.

Tariffs are typically paid by the importing company or organization to the US Treasury.

Oil's legacy: fueling industrial growth and shaping imperial strategies

This episode of The Rest Is History podcast traces oil's pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.

Trump's 2025 tariffs represent a significant break from the rules-based trade order

The Trump administration imposed broad tariffs on other countries outside WTO rules in 2025, claiming that those countries had long violated trade agreements and that the US was simply leveling the playing field.

Learn about the long and contested history of free speech in America

This podcast examines how American free speech protections evolved—from the Founders' debates to landmark Supreme Court rulings—and why the country arrived at one of the most expansive speech regimes in the world.

The US apparel and textile industry was long set up to limit competition from nations in the developing world—but shifts in international trade regulation in the 1990s changed that, paving the way for the fast fashion industry to develop.

Trade between the US and China has significantly increased in recent decades.

Opposition to British taxes, regulation of trade was key to American independence

The economic situation in the colonies formed the backbone of the central events of the Revolution. British war debts caused it to lay the first direct taxes on colonists, cease their westward expansion claims, and adhere to stringent trade regulations, leading to backlash and eventual separation.

Over a century ago, fewer than 1% of Americans paid income taxes—but the cost of World War II prompted the federal government to greatly expand the number of people required to pay income taxes.

The US officially adopted an income tax in 1913

The US first levied income taxes during the Civil War, but modern income taxes became an American fixture in 1913. Two years earlier, Congress passed the 16th Amendment to give the government the right to tax individuals' and businesses' income. The US still technically levies the same federal income tax now as it did then—though it's evolved.

Taiwan's economic history, analyzed

See how the global economic power evolved from the colonial period to today, including charts and graphs highlighting China's progress, especially in recent decades.

Death taxes have helped fund wars since the 1860s

Death taxes date back to 700 BCE and were used in Ancient Rome and Ancient Egypt. In the US, they've been used to finance wars since the Civil War, and have been levied on both the estate and beneficiary. The estate tax created during WWI to help finance war efforts is still in effect today.

Some scholars consider the Bretton Woods system one of the best foreign policy decisions in US history

A survey of historians by the Council on Foreign Relations ranked the creation of the Bretton Woods system among the top 10 foreign policy decisions in US history, highlighting its role in establishing postwar stability, prosperity, and decades of economic growth.

Hear the reasoning behind Trump's resurrection of the Monroe Doctrine in 2025.

The bond market dates back to the 1100s in Venice

In the early 1800s, bonds were used to fund US railroads and canals in Great Britain. “Liberty Bonds” were sold during both World Wars in the 20th century. Learning about the early and modern history of bonds can offer a glimpse into how the modern bond market came to be.

Auto and consumer goods companies absorbed billions in costs due to President Trump's 2025 tariffs.

President Trump's 2025 Tariffs added less inflationary pressure to the economy than expected in their first year

A year after the so-called "Liberation Day" in April 2025, tariffs have had a milder effect on inflation than feared—core goods prices have added only about 0.2% to the headline Consumer Price Index—but persistent policy uncertainty has rattled small business owners, who say the constant back-and-forth makes long-term planning difficult.