On April 2, 2025—a day President Trump declared "Liberation Day"—the United States launched a sweeping assault on eight decades of American-led open trade—a system that, while imperfect, had fostered unprecedented global peace and prosperity. With the imposition of large tariffs on America's closest allies and on more than a hundred countries—including impoverished nations like Lesotho, and even two uninhabited territories near Antarctica—the U.S. now has its highest tariffs since the early 1930s. These measures are expected to raise prices on everyday goods such as cars and groceries, costing the average American household thousands of dollars per year. As the nation embarks on this economic experiment inspired by the protectionist policies of the past, Fareed Zakaria asks: How did we get here, and where are we headed?
This special takes viewers back through history to understand the forces behind this dramatic shift and the likely impact of this current protectionist gamble. Trump's tariff policies tap into a powerful nostalgia for an economy that used to really make things—and for the bountiful middle-class manufacturing jobs that came with it. It's an understandable desire to go back to a past that shaped the country's economy and character. In this special hour, Zakaria examines how Trump's chaotic economic experiment, inspired by policies from the 1800s, may ultimately harm more Americans than it benefits and jeopardize the jobs of the future.
Through reporting and analysis, Zakaria explores the decline of American manufacturing jobs, the seductive but outdated vision of a manufacturing comeback, and the real risks of undermining America's economic leadership in high-tech industries. The special hour features interviews with leading experts, including: David Autor, Massachusetts Institute of Technology & author, The Work of the Future; Peter S. Goodman, The New York Times & author, How the World Ran Out of Everything; Douglas A. Irwin, Dartmouth College & author, Clashing Over Commerce; Jennifer M. Miller, Dartmouth College & author, Cold War Democracy; and Leah Wright Rigueur, Johns Hopkins University & author, The Loneliness of the Black Republican.
"Tariffs have become a central issue in today's political and economic debates," said Fareed Zakaria. "This documentary aims to cut through the rhetoric and provide viewers with a clear understanding of how tariffs work, who they help, and who they hurt."
