Understanding Comparative Advantages in Global Trade

On Wednesday, President Donald Trump unveiled his plans for far-reaching new tariffs on almost all imported goods entering the United States. The move has plunged the global economy into turmoil amid fears of a wider trade war and higher consumer prices. 

The tariffs are the culmination of a populist backlash simmering since NAFTA and the 2000 China trade deal. The elimination of trade barriers at the time hammered America’s industrial heartland amid warnings of a “giant sucking sound” of jobs and factories leaving the United States. But will Trump’s new tariffs do more harm than good? And will they open the floodgates to another deluge of corruption? 

To answer those questions and understand what the tariffs mean for you, David Sirota sits down with veteran New York Times reporter Peter Goodman to discuss the real-world effects of what Trump is calling “Liberation Day."