Money Talks from The Economist Import-extort: what to make of Donald Trump’s titanic tariffs
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Apr 3, 2025 
Simon Rabinovitch, the US economics editor at The Economist, joins Douglas Irwin, a Dartmouth College economics professor, to unravel the impact of Trump's sweeping tariffs on trade policy. They discuss the unprecedented rise in tariffs and ponder their long-term economic effects. Historical insights reveal the evolution of U.S. tariffs and how today's policies diverge from past bipartisan efforts. With global manufacturing and labor at risk, the conversation touches on the broader implications for industries and consumers alike.
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Serious Tariffs
- Trump's tariff announcement is serious, exceeding worst-case scenarios.
- The US now has its highest overall tariff rate since 1900.
Tariff Uncertainty
- Some tariffs may be negotiating leverage, but Trump's commitment is uncertain.
- The rushed announcement and lack of consultation suggest a less deliberate process.
Trade Surplus Negotiation
- Trump's tariffs aim to address trade surpluses, leaving little room for negotiation.
- The 2024 trade surplus is fixed, and imbalances may reflect development differences, not manipulation.
