Trump has promised to implement tariffs on virtually all US trade, and use them to replace the income tax. But the US already has a history of implementing broad-sweeping tariffs, PIIE's Steven R. Weisman said. He said such policies have taken the US close to bankruptcy, and unleashed an era of economic shocks. Go to newsletter preferences Thanks for signing up! But to Steven R. Weisman — a vice president with the Peterson Institute for International Economics — a look through American history shows why this could prove reckless.

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Persons: Trump, Steven R, Weisman, —, Donald, Weisman — Organizations: Service, Republican, Peterson Institute for International Economics, Trump White, New York Times, Business