GZERO World with Ian Bremmer
Larry Summers has a few thoughts about Trump's trade war
Apr 9, 2025
Larry Summers, former U.S. Treasury Secretary and Harvard University President, critiques President Trump's tariffs as a major mistake in U.S. economic policy. He argues these measures are harmful to U.S. manufacturing and trade credibility. Summers highlights the alarming silence of institutions, including universities and law firms, in challenging the administration's approach, questioning their commitment to democracy. He emphasizes the need for these entities to champion fundamental democratic values amidst rising authoritarianism.
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Quick takeaways
- Larry Summers argues that the tariffs imposed by the Trump administration represent a significant self-inflicted wound to U.S. economic policy since World War II, affecting international credibility.
- Summers expresses concern over institutions' reluctance to oppose authoritarian tendencies, suggesting that the silence of influential entities like universities jeopardizes democracy and rule of law.
Deep dives
Consequences of Economic Policy
Recent tariffs imposed by the U.S. government are seen as one of the most significant self-inflicted wounds to economic policy since World War II, leading to heightened uncertainty in the global economy. Experts believe that if the tariffs are limited or reversed quickly, it could mitigate some of the damages; however, the U.S. has already lost considerable credibility internationally. This loss impacts various aspects such as the ability to sell government debt and form security alliances. The ongoing turmoil suggests that a stable recovery will be challenging without first addressing these foundational issues.
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