Trump's tariffs are not simply about dolls

In a famous scene from the hit American television series Succession, the savvy patriarch of a family-owned media empire is infuriated to learn that none of his children knows the price of a gallon of milk. He understands that such a disconnect between decision-makers and ordinary people is a recipe for failed leadership. Now, the same tension is playing out not on our screens, but in the White House.

- Nancy Qian

US President Donald Trump has imposed the highest and most sweeping tariffs in modern history. Supposedly a response to a national “emergency”, these taxes on imports are meant to increase the prices of foreign goods until domestic manufacturing becomes competitive despite much higher US labour costs. While many agree that the United States should retain a capacity to manufacture certain strategically important items, such broad tariffs are likely to increase consumer prices significantly. For now, many importers and retailers may be avoiding price hikes in the hopes that the tariffs will be reversed. But if they remain in place, that will change.

The White House seems unbothered by this prospect. According to US Treasury Secretary Scott Bessent, “Access to cheap goods is not the essence of the American dream.” Or, as Mr Trump himself put it: