Analysis: Trump’s Tariff War Will Upend Global Economic Order

April 2, 2025, will go down in history — but likely not in the way U.S. President Donald Trump had hoped.

On that day, the U.S. announced a sharp increase in tariffs, reaching levels comparable to those of the 1930s. Over the past month, this policy has caused significant turmoil in global stock, bond and currency markets, but it has failed to successfully advance the U.S.’ policy goals.