Will Trump's tariffs make America expensive again?

Donald Trump has liked the idea of tariffs for a long time, since before his first term as president. Now that he’s back in office he’s using them to do all sorts of things — threaten other countries, crack down on drug importation and bring manufacturing jobs back to the United States. 

He’s starting with a 25 per cent tax on imports from Canada and Mexico, a move that would have huge implications for America’s economy and its relationship with its closest neighbours. 

President Trump is promising it’s just the beginning, and that this won’t make goods more expensive for Americans. It’s been a long time since most developed countries have used tariffs in this way, but there is one US ally with a recent memory of something like it. 

In this episode of If You’re Listening, what can we understand about tariffs from Australia’s recent past?

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