President Donald Trump declared a 10 percent tariff on all imports, effective on April 5, with additional country-specific tariffs set to commence on April 9. ​The announcement sent shockwaves through the global economy,

Harvard Kennedy School international trade expert Robert Lawrence discusses what higher tariffs will mean for the United States and the world.

The potential implementation of tariffs presents significant economic risks that may be overlooked in the current bullish market environment. Historical evidence and economic principles suggest that tariffs can have far-reaching negative consequences despite their intended benefits.