The Good Fight Jason Furman on “Liberation Day”
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Apr 5, 2025 
Jason Furman, Aetna Professor of the Practice of Economic Policy at Harvard and former Chair of the Council of Economic Advisors, dives deep into the Biden administration's economic policies. He critiques the Build Back Better plan and unpacks the implications of recent tariffs on the American economy. Furman discusses the evolving narratives around inequality and globalization, the biases in data concerning income disparities, and challenges in educational policies that inadvertently favor wealthier graduates. He also examines the complexities of political dynamics affecting economic legislation.
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Liberation Day Tariffs
- Trump imposed tariffs on nearly every country.
- Some countries face a 10% tariff, while China faces approximately 60%.
Tariff Calculation Flaw
- Trump's tariff rates seem to be based on the US trade deficit with each country, not reciprocal tariffs.
- This formula is flawed and based on a misunderstanding of trade balances.
Conflicting Tariff Narratives
- Trump's administration has two conflicting narratives on tariffs: permanent change vs. bargaining chip.
- Furman believes the tariffs are permanent and aim to reshape global trade and raise revenue.