For decades, global trade operated under a relatively stable set of rules, but that framework is now under pressure. During the second Trump administration, tariffs have expanded, alliances have shifted, and institutions such as the World Trade Organization have faced new challenges. What does this evolving U.S. trade policy mean for prices, jobs, global partnerships, and the future of the international trading system?
Tony Payan, director of the Claudio X. González Center for the U.S. and Mexico, is joined by fellows Simon Lester and David A. Gantz to discuss how trade policy shapes prices, employment, and diplomacy — and why tariffs have become a defining feature of the administration’s economic strategy.
This conversation was recorded on Feb. 19, 2026.
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