Bad Faith
Episode 462 - The Truth About Tariffs (w/ Lori Wallach)
Apr 3, 2025
Lori Wallach, Director of Rethink Trade and trade policy expert, brings her insights on tariffs and their impact on labor. She delves into how Trump's tariff policies, driven by victimization rather than strategy, can support American workers and rectify trade imbalances. Wallach critiques ineffective approaches to combat the fentanyl crisis via tariffs and highlights the urgent need for comprehensive policies to bolster domestic manufacturing. Additionally, she explores the complex relationship between U.S.-China trade and environmental concerns, advocating for higher standards.
01:06:53
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Quick takeaways
- Tariffs are essential tools for protecting domestic industries and can incentivize fair labor practices among international suppliers.
- The impact of tariffs can vary, with companies sometimes absorbing costs rather than passing them to consumers, showcasing market adaptability.
Deep dives
Understanding Tariffs as a Tool for Protection
Tariffs serve as a financial charge on imported goods, primarily aimed at raising wholesale prices to protect domestic industries. They can act as an enforcement mechanism against unfair trade practices, such as labor abuses or environmental degradation. For instance, tariffs can incentivize companies like Walmart to source products from countries adhering to fair labor practices instead of those that exploit workers or devalue currencies. However, misconceptions regarding tariffs persist, as many see them as purely negative due to historical narratives, failing to understand their potential benefits in leveling the playing field.
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