In what he called "Liberation Day", Donald Trump imposed heavy tariffs on countries around the world, falsely claiming they were "reciprocal". In reality, the taxes on imports were based on the US trade deficit with other nations. Ben Norton explains how the Trump administration's economic policies are contradictory and will backfire hard on the US economy, fueling inflation while failing to re-industrialize.
VIDEO: https://www.youtube.com/watch?v=nv5ZkxQvsz8
Topics
0:00 Trump imposes heavy tariffs
0:27 (CLIP) Trump's "Liberation Day"
0:52 Trump's global trade war
1:18 (CLIP) Tariff is most beautiful world
1:41 New tariff rates
3:20 Backfiring
4:04 How the tariffs were calculated
7:08 Retaliation
8:45 Role of US dollar dominance
9:30 (CLIP) Trump on de-dollarization
9:48 (CLIP) Trump threatens BRICS
10:17 US balance of payments
12:37 Alternative to US dollar
13:14 Dumbest trade war in history
13:42 Reindustrialization
14:32 Financialization
17:53 Inflation
20:00 Coffee, fruit, & vegetables
22:06 Imports from China
24:02 Imports from Vietnam
25:26 Imports of electronics
27:51 Industrial policy
33:41 Moving tax burden from rich to poor
37:02 Outro
