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" ... Which brings us back to today. Yes, I'm sure that tariff reductions since WWII have increased trade. But we've also had the invention of the shipping container. And given that the price of one of those Europe to China now seems to be about $300 (an incredibly low price just at present) I'm pretty sure that's had more effect than the tariffs has. Since no one is going to uninvent the container we don't have to worry all that much about the fact that we're not going to have a multilateral deal on tariffs. The cost of trade has already fallen so much that another few percent shaved off tariffs just isn't going to make all that much difference. ... "