

Ray McGuire & Robert Rubin Talks Trump and Tariffs
Mar 4, 2025
Ray McGuire, President of Lazard, and Robert Rubin, former U.S. Treasury Secretary, dive into the complexities of tariffs and their economic ramifications. They discuss how recent tariffs are reshaping international trade and influencing corporate strategies. McGuire and Rubin emphasize the importance of the rule of law for economic stability and explore the ‘new normal’ in navigating economic uncertainty. Despite short-term challenges, they maintain an optimistic view on the U.S. as a premier investment destination in a rapidly changing global landscape.
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Tariffs' Economic and Geopolitical Risks
- Tariffs negatively impact inflation, growth, and productivity.
- Violating trade treaties with Canada and Mexico harms U.S. credibility and global economic interests.
Supply Chain Vulnerability
- U.S. manufacturers heavily rely on international partners, especially Canada and Mexico, for their supply chain.
- Applying tariffs to these countries creates uncertainty and exposes corporate America, particularly industrial sectors.
Long-Term Effects of Tariffs
- Tariffs cause a one-time supply shock, increasing costs for consumers and producers.
- This leads to lower productivity and growth due to interference with comparative advantage in trade.