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For decades, global trade operated under a relatively stable set of rules — but today, that framework is under pressure. Under the second Trump administration, tariffs have expanded, alliances have shifted, and institutions like the World Trade Organization have faced new challenges. What does this rapidly evolving U.S. trade policy mean for everyday Americans, global partnerships, and the future of the international trading system? Tony Payan, a fellow at Rice University’s Baker Institute for Public Policy, is joined by nonresident fellows Simon Lester and David Gantz to examine how trade policy shapes prices, jobs, and diplomacy — and why tariffs have become a defining feature of the second Trump administration’s economic strategy. Featured: Tony Payan: https://www.bakerinstitute.org/expert... David Gantz: https://www.bakerinstitute.org/expert... Simon Lester: https://www.bakerinstitute.org/expert... This conversation was recorded on February 19, 2026. You can follow @BakerInstitute on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.