Modern vice presidents can trace much of their political influence to the broad reforms that Jimmy Carter and Walter Mondale made to the second-highest elected office in the late 1970s.

With the U.S. national debt already exceeding $16 trillion, President Trump’s tax reform and budget deals with Congress have added to the country’s deficits. CFR explores the origins of the national debt, the risks it presents, and the outlook for change.

President Trump has proposed steel and aluminum tariffs, citing U.S. national security interests. Some experts argue that his plan could provoke retaliation from countries like China, or even a trade war.