Good evening. I'm John Yang. Across the globe this weekend, world leaders are trying to figure out how to respond to President Trump's attempt to reshape the global economy by imposing steep tariffs.

The European Union has already said to be drawing up a list of proposed retaliatory tariffs on U.S. products.

And a White House official says that more than 50 countries have contacted the

administration so far to start negotiations on the import duties. Meanwhile, after last week's

market plunge, investors are anxiously awaiting the opening of Asian stock exchanges in just a few

hours. David J. Lynch is Global Economics correspondent for The Washington Post. He has a new book coming out later this summer, The World's Worst Bet, How the Globalization Gamble Went Wrong and What Would Make It Right?

David, how big a departure is this new policy that President Trump is trying from what had been the previous policies.

This is an epic shift in international economic affairs.

This is really an about face for the United States after 80 years of trying to lead the globe

into a more integrated, seamless global economy with free trade, capital flows, investment

moving easily across borders.

Now the president of the United States is saying, no, that was a bad deal.

It hurt Americans.

It allowed other countries to take advantage of us.

We're going to go in a different direction.

How are average Americans likely to feel the impact of this?

Higher prices.

On?

On just about everything you can think of.

I mean, he's taken a left-right shot at foreign trade with a 10% tariff on everything,

just about every good that comes into the country, and then a separate

round of much higher tariffs, up to 40 and 50 percent on some selected countries.

...