Breaking America's Economy: Unpacking Trump's Tariff War
Apr 17, 2025
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In this discussion, economist Dean Baker breaks down how Trump's unpredictable tariffs disrupt the economy and contribute to fears of a recession. Entrepreneur Beth Benike shares her journey as a mompreneur and how tariffs affect her innovative baby products. Richard Oswald gives insight into the struggles farmers face due to economic uncertainty. Together, they highlight the real-world implications of trade policies on small businesses and agriculture, emphasizing resilience and adaptation in challenging times.
Trump's unpredictable tariff policies are causing significant financial instability for small businesses and farmers, jeopardizing their livelihoods and future planning.
The podcast highlights concerns about voter suppression and the erosion of constitutional freedoms, stressing the importance of vigilance and literacy in safeguarding democracy.
Mental health challenges are emerging among affected small business owners and farmers, emphasizing the need for community support and resilience in facing economic turmoil.
Deep dives
The Impact of Zombie Cells on Aging
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The Current State of American Democracy
Recent legislative developments, specifically the passage of the SAVE Act, have raised serious concerns about voter suppression in America, marking a troubling regression since the Voting Rights Act of 1965. It has been highlighted that certain groups face severe repercussions, including deportation and loss of rights without due process. The podcast emphasizes that these actions constitute a gradual undermining of constitutional freedoms, including the right to vote and free speech. The ongoing narrative is one of vigilance against such encroachments, coupling it with the importance of literacy and critical thinking, as advocated in Timothy Snyder's 'On Tyranny.'
Economic Chaos and Trade Wars
The narrative around economic turmoil is heavily influenced by the recent trade policies implemented by the Trump administration, including significant tariff increases that have caused financial market disruptions. These tariffs, intended to protect American manufacturing, have instead led to increased costs for consumers and businesses, potentially triggering a recession. Economists argue that the chaotic shifts in tariff policy confuse markets and hurt small businesses that rely on imports for production. The conversation also touches on the ineffectiveness of these tariffs in achieving their stated goal of reindustrialization, emphasizing the need for consistent economic policies.
Personal Stories of Affected Small Businesses
Small business owners like Beth Beneke have shared firsthand experiences of how tariffs have disrupted their operations and financial stability. As a founder of Busy Baby, she describes facing severe challenges in importing products from China, leading to potential insolvency and the inability to pay employees. On the other hand, farmers like Richard Oswald depend heavily on export markets for their livelihood, and the imposition of tariffs has raised questions of sustainability and profitability in their farming practices. Both express frustration over the unpredictability of trade policies and the impact such volatility has on their ability to plan for the future.
The Psychological Toll of Economic Uncertainty
Amidst the turmoil of economic uncertainties, mental health challenges are surfacing as a significant concern for both small business owners and farmers. The podcast urges individuals to prioritize their mental well-being through community support and healthy coping mechanisms during trying times. Conversations highlight the need for resilience and adaptability, with the understanding that economic crises often come and go. Strategies to weather these storms include seeking assistance and maintaining connections to foster a sense of solidarity and hope within affected communities.
Trump’s unhinged, unpredictable global trade war is causing chaos and confusion. In just one week, the President announced tariffs on the entire world, then paused some, upped others, and announced exemptions for certain goods. This capriciousness has sparked fears that another economic recession may be looming. In this episode, Stacey is joined by Dean Baker, economist and cofounder of the Center for Economic Policy and Research to break down how tariffs affect the broader economy. Then, she hears from Beth Benike, founder of Busy Baby, and Richard R. Oswald, Vice President of the Missouri Farmers Union, about how these tariffs and the environment of uncertainty are already impacting their livelihoods.
For a closed-captioned version of this episode, click here. For a transcript of this episode, please email transcripts@crooked.com and include the name of the podcast.
Learn & Do More:
Be curious: Visit your local library, get a library card if you don’t have one, and check out a book from the banned books list. Fight back with curiosity. Want to do more? Check out Book Riot or PEN America’s guides on how to help fight book bans.
Solve Problems: call your representatives and senators, no matter their party. But don’t stop there. Local elected officials have power too—sometimes more than we realize. Visit USA.gov/elected-officials to find your federal, state, and local reps. Let them know how you feel about the rise in book bans, tariffs, and how these issues are affecting your community.
Do Good: If you have the means, support small businesses in your area—and encourage friends and family to do the same. Shop local, spend local. We're good with the clips.
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