by Thomas Wash  | PDF

Not all tariffs are created equal. Throughout the history of the United States, tariffs have been employed to achieve three primary objectives: (1) to pressure other governments into lowering their own trade barriers, (2) to generate revenue, and (3) to protect domestic industries. While ideally these goals would be achieved simultaneously, trade policy often presents a “trilemma,” where pursuing two of these objectives comes at the expense of the third.

This report explores the distinct types of tariffs, their impact on financial markets, and what recent trade developments indicate for the future of the American economy. As always, we wrap up with the implications for investors.

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Note: The accompanying podcast will be delayed until later this week.