The David McWilliams Podcast Tariffs & Other Fantasies
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Apr 8, 2025 Dig into the chaos of Trump's tariffs, which could have severely impacted Ireland. The discussion critiques wealthy individuals’ flawed economic strategies and the real costs of protectionism. Explore how these tariffs affect global trade dynamics and stifle innovation, particularly in tech. Delve into the political maneuvering behind tariffs and their implications for America's leadership style. Finally, look at how populist ideologies, like MAGA, could reshape both domestic and international policies.
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Flawed Formula
- Trump's trade policy relies on a formula so flawed that an economics student would fail for it.
- This formula, dividing trade deficits by exports, lacks economic sense.
Billionaires' Blind Spot
- Billionaires often overestimate their expertise in areas outside their wealth-building domain.
- Trump's trade policy seems to stem from a misconception that banning competition enriches a country.
US Trade Misconception
- The US trade policy mistakenly assumes its economic size justifies dominance in international trade.
- In reality, the US accounts for only around 10-11% of global trade.