President Trump has announced several tariffs in just the short time since his inauguration,

and there are signs that bigger and broader tariffs could still be ahead.

So is this mostly talk, or does Trump really intend to usher in a new era for international trade?

I think everyone needs to really buckle up here because things are just getting started,

and it's likely to be even more

unpredictable than the first term.

I'm Alison Nathan and this is Goldman Sachs exchanges.

Each month, I speak with investors, policymakers, and academics about the most pressing market-moving

issues for our top-of-mind report from Goldman Sachs research.

In late February, I spoke to Jeff Garrish to get an

insider's perspective at what's driving Trump's tariff policy and what could be ahead. Jeff served as

deputy U.S. trade representative for Asia, Europe, the Middle East, and industrial competitiveness during

Trump's first term. He's currently a partner at Shagrin Associates, a law firm that focuses on

international trade law. I started by asking Jeff what Trump is ultimately trying to accomplish

with this tariff policy. The president really has several goals with respect to his trade and

tariff policies. The first of those is to use tariffs to address unfair trade practices and correct significant

trade imbalances with other countries. You hear the president talking a lot about how other

countries treat us unfairly and about the big trade deficits that we have on a bilateral basis

with other countries as well as

with the world as a whole. So he wants to use his trade and terror policy to address those

problems that he sees. The second goal that he has is to rebuild U.S. manufacturing and grow jobs,

particularly in that sector. Again, you hear the president talking a lot about the

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