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Americano: was 'free trade' really working?
Feb 24, 2025
Oren Cass, founder and chief economist of American Compass, shares his insights on tariffs and U.S. trade policy with Freddy Gray at the ARC conference. They discuss Trump's recent announcement of reciprocal tariffs and how it could reshape global trade dynamics. Cass challenges the longstanding consensus on free trade, questioning its effectiveness for American businesses, especially in competition with China. They explore the complexities of economic dominance and the need for a pragmatic approach to U.S.-China relations in a rapidly evolving landscape.
28:21
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Quick takeaways
- Trump's reciprocal tariffs represent a strategic shift in U.S. trade policy aimed at creating fairer trade conditions with global partners.
- The complexities of America's economic hegemony challenge the notion that benefits of being a reserve currency extend to all Americans, raising sustainability concerns.
Deep dives
The Dynamics of Reciprocal Tariffs
Reciprocal tariffs are emerging as a key tool in international trade negotiations, with implications for America’s trade policy. The use of these tariffs signals a shift from simply accepting unfavorable trade terms to a more assertive stance, where the U.S. responds to other countries’ practices. This approach communicates a commitment to fairer trade among Western democracies while challenging the long-held perception that America should tolerate exploitative practices. By implying that the onus is on the opposing party to adjust their own tariffs, this strategy seeks to level the playing field and redefine America's role in global trade.
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