U.S. Presidents Trump and Biden have both turned to tariffs to support local industries amid economic confrontation with China. Here’s how these taxes work and how they’ve been used historically.

Over the last three decades, economic growth in Central Europe, East and Central Asia, Southeast Asia, and Sub-Saharan Africa has outpaced growth in Latin America, where most economies have actually become less sophisticated and diversified. But now, current global trends are creating an opportunity for a long-delayed takeoff.