Bloomberg Surveillance
The US Trade War
Feb 3, 2025
Doug Irwin, a Dartmouth Professor specializing in global trade, shares insights on the complexities of U.S. trade policies and the shift of tariff powers to the executive branch. Gautam Mukunda from Yale analyzes the political ramifications of the trade war, questioning if there’s any bipartisan will to resolve it. They delve into the economic impact of tariffs on North American supply chains, the troubling dynamics within both political parties, and how leadership decisions are shaping the ongoing conflict and investor sentiment.
32:00
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Quick takeaways
- Douglas Irwin emphasizes the need for Congress to reclaim its authority over trade policies to protect constituents from harmful tariff measures.
- The podcast discusses the extensive ripple effects of tariffs on global supply chains, highlighting the modern complexity of the integrated economy.
Deep dives
Reasserting Congressional Authority on Trade
Congress has historically ceded significant power over tariffs to the executive branch, often assuming that the president will act in the national interest. This delegation has led to a concerning trend where Congress is less involved in tariff-setting decisions. Douglas Irwin emphasizes that Congress should reassert its authority over trade policies, as many constituents are affected by detrimental tariff measures. By standing up and reclaiming its role, Congress can better respond to the potential harm caused to various sectors, especially those critical to voters.
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