GZERO World with Ian Bremmer

Larry Summers has a few thoughts about Trump's trade war

55 snips
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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INSIGHT

Trade War Impact

  • Trump's trade war is the biggest self-inflicted economic wound since WWII.
  • The US has lost credibility, creating uncertainty in global markets.
INSIGHT

Trade War Goals

  • The US approach seems driven by a desire for power rather than rational economic goals.
  • Strengthening US manufacturing and opening foreign markets require different strategies.
INSIGHT

Reputational Damage

  • The US is undermining its reputational capital.
  • This impacts trust from other countries and individuals, affecting various sectors like tourism and education.
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