In this discussion, Mehreen Khan, the Economics editor of The Times, and Meredith Crowley, a Professor of Economics at the University of Cambridge, tackle the complexities of Donald Trump's recent tariffs. They explore the historical context of tariffs, comparing Trump's approach to past strategies like McKinley's. The duo delves into the intricacies of the World Trade Organization's role and the evolving nature of U.S. trade policies, including the implications for domestic manufacturing and global markets.
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McKinley's Tariff Legacy
President McKinley, a Republican icon, championed tariffs during his time (1897-1901).
Trump invoked McKinley, highlighting his tariff policies and wealth creation.
insights INSIGHT
Smoot-Hawley Tariff Act
The Smoot-Hawley Tariff Act of 1930, intended to protect US industry, worsened the Great Depression.
Retaliatory tariffs from other countries exacerbated the economic downturn.
insights INSIGHT
Reciprocal Trade and the WTO
Post-WWII, the US shifted towards reciprocal trade agreements, reducing tariffs in exchange for similar concessions from other countries.
This approach fostered global trade liberalization, culminating in the 1994 establishment of the World Trade Organization (WTO).
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This book provides a detailed narrative of Britain's economic history, covering significant events like the Industrial Revolution, global trade, empire, two world wars, and Brexit. It examines how economic policies and political environments have shaped the country's economic trajectory. Weldon offers insights into myths about British economic history and highlights the role of institutions and political power in shaping economic outcomes.
Rarely has it been so difficult to see the wood for the trees. The trees being Donald Trump’s new tariffs announced on what he called Liberation Day and which took effect this week, plus the immediate responses to them. And the wood being the economic strategy that lies behind it all.
That strategy seems to evolve on a daily basis. Having vowed to ‘stay the course’ on tariffs earlier this week, yesterday saw Trump issue a change that ‘came from the heart’ - that change being a 90 day pause for everyone except China. It’s hard to keep up with the plot changes and in this programme we’re not going to try. Instead we’re going to step back and explore the origin’s of Trump’s love of tariffs, find out what history tells us about their effectiveness and we’ll ask whether Trump does actually have a grand plan.
If he does, what is it and can it succeed?
Guests:
Douglas Irwin, professor of economics at Dartmouth College in New Hampshire
Meredith Crowley, Professor of Economics the University of Cambridge
Duncan Weldon, economist and author of "Two Hundred Years of Muddling Through"
Mehreen Khan, economics editor of The Times
Presenter: David Aaronovitch
Producers: Ben Carter, Kirsteen Knight and Beth Ashmead Latham
Sound engineers: James Beard
Production Coordinator: Katie Morrison
Editor: Richard Vadon
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