Foreign Policy Live
The Tariff Debate
Apr 8, 2025
Oren Cass, founder of American Compass and author of The Once and Future Worker, confronts esteemed UCLA economist Kimberly Clausing, author of Open, in a lively discussion on Trump's tariffs. They debate how these tariffs are impacting markets and the economy overall. The conversation delves into the complexities of tariffs, their effects on lower-income families, and the role of the World Trade Organization. They also discuss the misconceptions surrounding trade deficits and the necessity for balanced trade policies to safeguard U.S. interests.
47:29
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Quick takeaways
- The recent rise in tariffs has created market volatility and financial strain on consumers, costing households an average of $3,800 annually.
- Oren Kass argues that strategically implemented tariffs can promote domestic production and reduce reliance on foreign economies, emphasizing clear communication for policy success.
Deep dives
Impact of Trump's Tariffs
The recent tariffs announced by President Trump have resulted in significant economic consequences, pushing U.S. tariffs above 22%, the highest level in over a century. This abrupt rise in tariffs has led to market volatility, with stock prices plummeting and fears of a potential bear market emerging. The tariffs are viewed by many economists as a detrimental policy, imposing a consumer tax that could cost an average household approximately $3,800 annually. Critics argue that this strategy raises production costs for American exporters, damaging the global competitiveness of U.S. industries and leading to retaliation from other nations.
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