“Tariffs is the most beautiful word to me in the dictionary,” said Donald Trump during his second inauguration as US president, alongside God, religion, and love. 
 
This weekend, Trump hopes to follow through on his threat to hit imports, starting with a 25% border tax rate on Canada and Mexico. But some worry that the protectionist trade policies, new tariffs and retaliatory measures by other nations could slow economic growth in the US, spur inflation, and trigger a trade war.  
 
Niall is joined by Ed Conway, our economics and data editor, to unpick why Trump loves tariffs, what he hopes to achieve with them, and how likely a trade-war is. 
 
Producer: Natalie Ktena 
Editor: Paul Stanworth