The Take Another Take: How Trump’s tariffs are changing the rules of global trade
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Feb 21, 2026 Vina Nadjibulla, Vice President of Research and Strategy at the Asia Pacific Foundation of Canada and Asia policy expert. She breaks down the sudden, sweeping U.S. tariffs and the shock to markets. She explains the tariff formulas, who pays at the checkout, and how Asian economies like China, Vietnam and Cambodia are being reshaped. She also discusses reshoring limits and geopolitical ripple effects.
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Scale And Reach Of The New Tariff Regime
- Trump's tariffs amounted to a baseline 10% on all imports plus steep 'reciprocal' rates up to ~49% for many countries.
- Vina Nadjibulla says this reverses about 80 years of U.S.-led trade policy and reshapes global trade fundamentals.
A Strange Deficit-Based Formula
- The administration used a simple, novel formula based on bilateral deficits to set reciprocal rates.
- Nadjibulla calls the formula random and atypical compared with normal tariff calculations.
When Consumers Will Feel It
- Higher tariffs will raise prices on widely consumed goods like apparel, electronics and groceries.
- Nadjibulla warns those price rises will trickle in over weeks to months and hit everyday consumers.