Part 7/10:
The debate around tariffs must also take into account the broader context of globalization. The decline of tariffs globally—from historical rates of 40-50% pre-20th century to current rates of around 2%—has resulted in significant benefits primarily for a small fraction of the global elite and the new middle class in emerging markets. In contrast, working and middle classes in the U.S. and Europe often feel left behind, exacerbating social tensions and discontent.