Latest edition
of Trade Treasury Payments
History of tariffs: from ancient times t...
tariffs
Issue 02 . Jun 2025
Tariffs are by no means a new concept, though they have gained a lot more prominence among everyday folk since US President Trump took office for his second term. Formally defined by the Oxford Dictionary as “a tax that is paid on goods coming into or going out of a country”, tariffs have been a feature of trade for millennia and have played a major role in shaping the empires and economies that we know today. Given their renewed prominence, I wanted to take a look back at the role that tariffs have played in economics and politics over the millennia. This mini-magazine will trace the history of tariffs, from their origins as simple tolls in ancient markets to their central role in modern trade wars. By providing the historical context for major tariff policies, highlighting influential economic theories (from mercantilism to comparative advantage), and exploring case studies (such as Britain’s Corn Laws and the US Smoot-Hawley Tariff), I hope to paint a clearer picture of the economic and political impacts that tariffs have had over time.