In this episode of the Yet Another Value Podcast FinTwit Book Club, Andrew Walker is joined by Byrne Hobart of The Diff to discuss Clashing Over Commerce, a sweeping political and economic history of U.S. trade policy. Against the backdrop of current debates on tariffs, they explore how deeply tariffs shaped American politics, the surprising economic nuance found in 19th-century policy, and the recurring tensions between protectionism and free trade. From supply chain shifts to presidential power dynamics, they unpack what history might tell us about today’s trade decisions—and what it doesn’t.
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Chapters
[00:00:00] Introduction to the episode and the featured book, Clashing Over Commerce
[00:03:33] Byrne Hobart on why reading the book made him feel better about modern tariffs
[00:07:08] The role of modern supply chains in shaping today’s trade complexity
[00:10:52] Reflections on historical perspectives: agrarian vs. industrial interests
[00:14:41] How lobbying and special interests shaped tariff legislation
[00:19:30] The political economy of tariffs from the Civil War to the Gilded Age
[00:25:22] Evolution of U.S. revenue sources and tariff enforcement mechanisms
[00:30:48] Historical voting patterns and their echoes in recent trade policy
[00:35:19] Shift of tariff authority from Congress to the executive branch
[00:40:51] Modern-day political identity vs. regional trade interests
[00:45:37] How tariffs function as economic handouts or job guarantees
[00:50:44] Presidential comparisons and the rhetorical lineage of tariff advocacy
[00:55:28] Historical trade-offs in trade deals: from Britain to banana imports
[01:00:16] The legacy of statehood as a political tool for tariff influence
[01:03:33] Critiques of the book: length, editing, and lack of a strong conclusion
[01:08:49] Final thoughts on the enduring impact of tariffs on U.S. political systems
Links:
Alphasense activism webinar: https://go.alpha-sense.com/wb-imp-genai-fs-yavp-inside-boardroom/?utm_source=pt_YAVP&utm_medium=sponsored&utm_campaign=WB_DG_04-21-25_IMP-GENAI_FS_Yavp-Inside-Boardroom
The Diff Newsletter - https://www.thediff.co/
Yet Another Value Blog - https://www.yetanothervalueblog.com
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