Capital Record Episode 254: Making a Bad Idea Tariffable
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Sep 4, 2025 Joel Griffith, a Senior Fellow at Advancing American Freedom and an expert on economic policy, joins the conversation. He critiques the current tariff regime, labeling the idea of tariff rebates as nonsensical. The discussion highlights the negative repercussions of recent trade deals on American consumers and the geopolitical mess created by tariffs on Indian imports. They argue that protectionist policies fail to address deeper societal issues, such as declining fertility rates, and advocate for sound economic principles instead of expanding entitlements.
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Deals Leave Consumers Worse Off
- Each announced trade deal has left U.S. consumers paying higher tariff taxes than before the year began.
- Joel Griffith estimates the India deal alone will raise American family costs by roughly $400 per year.
India Tariff Is A Blended Penalty
- The India tariff is a blended 50% made of a 25% reciprocal tariff and 25% penalty tied to Russian oil purchases.
- Joel argues this punishes consumers and risks alienating a key regional ally without clear benefit.
Allies Still Face Significant Tariffs
- Many announced deals with allies left nonzero tariffs, harming consumers and exporters alike.
- Joel highlights the Israel case where the U.S. imposed a 15% tariff despite Israel offering to drop remaining tariffs.