Peter Schiff and Brent Johnson will debate the success of Trump's trade policies tonight. Schiff, an Austrian economist, argues the U.S. lacks leverage as the world's largest importer. Johnson believes the dollar's network effect and American assertiveness can still be effective. The debate will be moderated by Dave Collum. The article highlights that tariffs are seen by some as tools of power and national security rather than just trade. Canada and Mexico face broad tariffs, though most trade remains exempt due to USMCA, with Canada maintaining some retaliatory measures. China has responded to escalating U.S. tariffs with its own, alongside export restrictions, and the U.S. is now requiring special permits for certain imports from China. India faces a proposed 50% tariff partly due to its Russian oil purchases, potentially impacting a large portion of its exports. Japan and South Korea have not seen promised tariff relief formally enacted. The EU and UK have secured some partial exemptions, but threats of significant semiconductor tariffs loom for the UK. Brazil is under a 50% tariff, has filed a WTO complaint, and imposed retaliatory duties, with the U.S. having a trade surplus with Brazil.