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Hi, I'm Ravi Agrawal, Foreign Policy's editor-in-chief. This is FP Live.

Thank you. Foreign Policies Editor-in-Chief. This is FP Live. Welcome. It is pretty well known now that President-elect Donald Trump likes tariffs. To me, the most beautiful word in the dictionary is

tariff. Americans are bracing for President-elect Donald Trump's proposed tariff hikes on imported

goods. And it's my favorite word. It needs a public relations firm. Could end up costing middle

income households more than $2,600 a year. On the campaign trail, Trump has talked about tariffs

of 20% on goods from most countries

and as much as 60% on Chinese products.

The debate over tariffs can be binary, and the truth is tariffs have trade-offs.

They generate revenue, and they can encourage domestic production.

They can be deployed as statecraft against adversaries.

But they also cause inflation.

And since they act as a form of sales tax, they likely hurt lower income families more than the rich.

When I speak with leaders and business people around the world, the aspect of Trump's second

term they worry about the most is tariffs, and much of it is because of the uncertainty around

it. Will Trump put in place blanket 20% tariffs? Less, more? Will there be carve-outs for friends? How does that even work? And is all of this just

a negotiating tactic, but leading to what? So many questions and so few answers. Now, many

...