Upstream Trade Wars and Tariffs w/ Richard Wolff
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Feb 11, 2025 
Richard Wolff, an esteemed economist and Professor Emeritus at the University of Massachusetts Amherst, delves into the complexities of tariffs and trade wars. He discusses how the Trump administration weaponizes tariffs, particularly against China, Mexico, and Canada. Richard critiques the economic implications and public perceptions surrounding these policies, highlighting the unintended consequences on American jobs and consumer costs. The conversation also touches on the declining status of the U.S. as a global power and the need for diplomatic solutions amid rising geopolitical tensions.
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Tariffs: A Domestic Tax
- Tariffs are a tax on imported goods, paid by the importer in the receiving country.
- Politicians may falsely claim tariffs punish foreign entities, but the cost burdens domestic consumers.
Targeted Tariffs as Economic Warfare
- Governments can impose general tariffs on all imports or target specific countries or even products.
- The US uses tariffs as an economic weapon, like the 100% tariff on Chinese electric vehicles.
Trump's Tariff Motivation
- Trump's focus on tariffs stems from the power it grants him, allowing him to act unilaterally.
- He uses tariffs like he proposed the wall: claiming to punish others while harming Americans.