If you know anything about the way the world works—and even more so if you’re someone who’s an expert in economics, political economy, etc.—then you’ll know that the narratives and rhetoric coming out of the White House on a whole variety of topics is, well, with the kindest interpretation, confused. Some harsher critics might say these narratives do a violence to reality. And it’s no different with the current discussion around tariffs: it’s all bluster, bloviation, and, ultimately, theater. 

What are tariffs, how are they being deployed and weaponized, and why? If these are questions you’ve considered over the past few weeks, you’re in the right place and today’s guest will walk you through all of the answers you wish you didn’t have to ask about what’s happening with the trade wars being concocted by the US against China, Mexico, and Canada. 

Richard Wolff is an economist, Professor Emeritus of Economics at the University of Massachusetts Amherst, currently a Visiting Professor in the Graduate Program in International Affairs of the New School in New York, host of the Economic Update podcast, and founder of Democracy at Work. 

In this episode, we explore what tariffs are, how they work, and how and why the Trump administration is weaponizing them against China, Mexico, and Canada. We explore the impending decline of the U.S. as the leading global imperial power, why politicians in this country are in denial about the trajectory of the country’s economy, and much more. 

Further Resources

• Democracy at Work

Related Episodes:

• The Recession isn't Over, but is Capitalism? with Richard Wolff
• The Sickness is the System with Richard Wolff
• Inflation with Richard Wolff & Dean Baker

Intermission music: "The System Works for Them” by Aus Rotten

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