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.
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Congress Should Reclaim Tariff Authority
- Congress should reclaim its constitutional authority over tariffs.
- They should act in their constituents' interests, who are harmed by these measures.
Tariffs' Impact in a Global Economy
- Tariffs' impact differs greatly now compared to a century ago due to integrated supply chains.
- Today's interconnected economies create wider ripple effects from tariffs, impacting various sectors.
Myth of Tariff-Driven Growth
- The myth that U.S. economic growth in the late 19th century was due to tariffs is incorrect.
- Other factors like immigration, capital inflows, and technology adoption played more significant roles.
