Wall Street Week Summers on Tariffs, EU Capital Markets, Business of Tuna
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Apr 4, 2025 Lawrence H. Summers, former Treasury Secretary and Harvard professor, dives into the complexities of President Trump’s tariffs and their effects on the U.S. economy. He discusses their impact on consumer prices, market confidence, and U.S.-China relations. Additionally, there's a fascinating exploration of the EU’s capital markets with insights from Santander's Ana Botin. The conversation also highlights the growth of private equity in the premium bluefin tuna market, emphasizing sustainable practices and innovative farming techniques.
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Tariff Impact on Consumers
- Trump's tariffs increase consumer prices, evidenced by a 30% steel price surge since his inauguration.
- Economists struggle to understand the counterargument, as tariffs logically add to costs.
Tariffs and Uncertainty
- Tariffs create uncertainty, hindering confident decision-making for businesses.
- Policymakers should provide predictability to foster investment.
Systemic Risk of Tariffs
- The Smoot-Hawley tariffs worsened the Great Depression.
- Current tariffs risk similar systemic damage to the global economy.