Ken Rogoff, a Harvard economist and former IMF chief economist, shares insights on the surprising 3% GDP growth in the U.S., linking it to panic-driven imports amidst trade tensions. He humorously likens Trump's strategy to a 'coffee house player' in chess. Meanwhile, Evan Ratliff uncovers the risks of North Korean infiltrators in American tech firms, discussing the ethical dilemmas involved. The conversation also touches on the chaotic world of remote jobs, consumer confusion over beverage brands, and personal banking reflections, adding a mix of humor and serious analysis.
34:32
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
insights INSIGHT
GDP Growth Distorted by Tariffs
The reported 3% GDP growth is influenced by prior panicked imports ahead of tariff deadlines.
Economic growth appears resilient despite tariff-induced uncertainty and slowed business investment.
It was a packed week for the US economy: jobs numbers, an interest rate announcement from Federal Reserve Chair Jerome Powell, consumer confidence data and a tariff deadline. Topping the list was gross domestic product, the sum total of goods and services the economy produces—generally considered the measure of growth. After months of tariffs (and Donald Trump’s constantly shifting positions on them), many economists were predicting the US economy would be showing signs of strain. It turns out, that wasn’t necessarily the case when it comes to GDP (though jobs numbers unveiled Friday may give some pause). After falling a bit during the first few months of the year, this quarter, economic growth clocked in at a 3% annualized rate.
But there’s more to this number than meets the eye—or perhaps less. This week on Everybody’s Business, we talk GDP with Ken Rogoff, Harvard economist and author of Our Dollar, Your Problem. His take: the numbers may have been distorted by some of the panicked importing that US businesses were doing earlier in the year in anticipation of Trump’s latest (and now extended again) deadlines. However, he also leans into some chess metaphors (he is, after all, a grandmaster) to address those Trump fans who contend the president is playing four dimensional chess. His verdict? Trump is a “coffee house player.” That’s someone who’s better than you think—but not as good as he himself thinks.
Later in the show, we talk with Evan Ratliff about his feature in Bloomberg Businessweek, detailing how workers in North Korea are taking US tech jobs while posing as remote-working Americans. They’ve allegedly managed to infiltrate some of the biggest and wealthiest companies in the country—and their paychecks go to fund North Korea’s nuclear program.
Finally, the underrated story of the week is a canned spirit drink was mislabeled as an energy drink.
Everybody's Business 
