Bulwark Takes We Haven’t Seen Tariffs This High Since the 1930s (w/ Jason Furman)
Jul 30, 2025
In this engaging discussion, Harvard economist Jason Furman, who previously advised President Obama, shares insights on the dramatic rise in tariffs since the Trump administration. He highlights how tariff rates have surged to levels not seen since the 1930s and the implications for U.S. industries. Furman also examines recent trade agreements with Japan and the EU, exploring their potential impacts on U.S. growth and job markets. The conversation even touches on international relations, particularly with China and India, adding a lighthearted twist with some baseball banter!
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Tariff Levels Highest Since 1930s
- U.S. average tariffs jumped from about 3% pre-Trump to around 20% currently, the highest since the 1930s.
- This marks a major reversal after 75 years of tariff reductions post-Smooth-Hawley Act in the Great Depression era.
Trade Deals Depend on Private Sector
- Recent trade agreements with Europe and Japan include promises of increased U.S. exports but rely on private sector actions.
- The enforcement of these commitments remains uncertain as governments don't directly control purchases or investments.
U.S. Tariffs May Hurt U.S. More
- U.S. tariffs on imports hurt the U.S. economy more than Europe or Japan due to tariffs on intermediate goods and trade interdependence.
- Reduced imports lead to reduced exports, making the economy less specialized and potentially shrinking better paying export jobs.