Impolitic with John Heilemann Steve Rattner: No Way to Run a Railroad (Let Alone the World Economy)
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Apr 14, 2025 Steve Rattner, Chairman and CEO of Willett Advisors LLC and economic analyst for Morning Joe, shares insights on the chaotic effects of Trump’s tariffs on global markets. He critiques the flawed logic behind the protectionist agenda and its damage to U.S. reputations internationally. Rattner also discusses the unpredictability of the U.S.-China trade war, highlighting severe fiscal irresponsibility in ongoing budget discussions and warns that America's debt may finally catch up with it.
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Tariff Strategy Critique
- Trump's tariff strategy is disjointed and illogical, causing unnecessary market turmoil.
- The market volatility demonstrates the incoherence of the economic policy.
Flawed Tariff Formula
- Trump's tariff formula was nonsensical, targeting even uninhabited islands.
- It prioritized trade deficits over economic logic.
Ignoring the Service Sector
- Calculations of trade deficits often exclude the service sector, a key part of the US economy.
- This omission is illogical, especially given America's focus on high-skilled service jobs.