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HISTORICAL FACTS: Trump gets his way on tariffs but global trade system intact for now | History Defined

Donald Trump Richard Baldwin United States Pascal Lamy WTO Mercosur

President Donald Trump has long accused other nations of 'ripping off' the United States (Credit: AFP)

President Donald Trump has succeeded in strong-arming nations to accept higher tariffs on US exports, yet for now experts see little threat to the postwar trend of lower duties in the pursuit of greater wealth all around.

Since World War II, most politicians and economists view free trade as a pillar of globalisation, enshrined in the 1947 signing of the GATT accord.

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