Trade is essential to the success of America and the American people. It represents about a third of U.S. GDP, and has helped build the U.S. economy into the undisputed #1. Tariffs are bad news for everyone. What does the escalating trade tensions between the two largest economies have to do with us? The IMF says U.S. tariffs could cost the global economy $430 billion. And it thinks Americans would be “especially vulnerable” to an escalating tariff war. The World Bank predicts that tariff increases could trigger a drop in global trade of 9 percent – what it calls “crisis levels” not seen since the recession of 2008.