The Indicator from Planet Money
Who's advising Trump on trade?
Apr 24, 2025
Dive into the chaos of trade policy as President Trump grapples with tariff decisions amidst conflicting advice from top advisors. Explore the clash between manufacturing advocates and those cautious of a strong dollar. Discover how tariffs are framed as not just economic tools but also as strategies for national security. The podcast tackles the dollar dilemma, weighing its influence on exports and domestic production. All while revealing the intense debates shaping U.S. trade under Trump's leadership.
09:29
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Quick takeaways
- The podcast highlights the divide among Trump's advisors regarding trade policies, particularly the contrasting views on the benefits of a strong versus weak dollar.
- It discusses how tariffs are utilized both as protective measures and negotiation leverage, showcasing the complexity of U.S. trade strategies under the current administration.
Deep dives
Trade School of Thought
Two main schools of thought on U.S. trade policies are discussed, focusing on national manufacturing and the implications of a strong dollar. The 'Make in America' perspective advocates for domestic manufacturing to ensure national security, with key figures like Treasury Secretary Scott Bessent supporting tariffs to bring essential production back to the U.S. For instance, the inability to produce critical items like medical supplies during crises like COVID-19 highlights the necessity of domestic manufacturing capabilities. Conversely, the 'weak dollar' school, led by Stephen Myron, argues that the strong dollar hampers American exporters, suggesting that a weaker dollar could bolster U.S. competitiveness internationally.
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