PBD Podcast EMERGENCY PODCAST: USA vs China Trade War w/ Richard Werner | PBD Podcast | Ep. 574
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Apr 9, 2025 In this engaging discussion, economist Richard Werner, known as the 'Father of Quantitative Easing,' dives into the complexities of the U.S.-China trade war. He analyzes the impact of China’s retaliatory tariffs and critiques the decline of local banking systems in the U.S. Werner highlights the role of 'hidden champions,' small businesses thriving in global markets, and calls for a return to decentralized finance. The conversation also touches on historical insights, the balancing act of diplomacy, and the economic tensions fueling today's market dynamics.
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US-China Economic Standoff
- The US and China are the top one and two economies globally, making their trade war significant.
- China's stronger position now compared to 10-15 years ago makes the current situation complex.
Tariffs and Economic Growth
- Zero tariffs benefit everyone because trade fuels wealth creation.
- However, targeted tariffs can aid developing economies in moving up the value chain.
China's WTO Entry and US Jobs
- Since China joined the WTO, the US shifted manufacturing there, leading to job losses.
- Nancy Pelosi highlighted this disparity in 1996, noting how US tariffs benefited China more.