CSIS Podcasts Trump's Trade Policy in Context: A Conversation with Doug Irwin
Feb 18, 2025
Doug Irwin, John French Professor of Economics at Dartmouth College, unpacks President Trump's trade strategies alongside historical insights from William McKinley. He dives into the intricate dynamics of open markets versus tariffs, revealing how they impact economic inequality. Irwin also addresses the repercussions of steel tariffs on U.S. manufacturers and the pressing need for international cooperation amid global overcapacity, particularly with China. Finally, he explores the shifting tides of trade policy, where the WTO's influence is waning, creating uncertainty for investors.
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McKinley's Tariff Views
- President Trump's tariff views are compared to McKinley's.
- McKinley initially supported high tariffs but later advocated for reciprocity.
Shifting Stances
- McKinley's high tariff views were evident during his time in Congress.
- As president, he shifted towards reciprocity and reducing tariffs.
Challenges for Open Markets
- Open market advocates face headwinds like inequality and current account deficits.
- The financial crisis tainted the view of open markets, despite not being directly related.
