The Commentary Magazine Podcast Tariffs & Taxes & Growth—Oh My
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Jul 30, 2025 
David Bahnsen, a finance guru and Commentary contributor, delves into the implications of recent GDP growth and Trump’s tariff policies. He analyzes how tariffs are perceived and their historical impacts on consumers and jobs. The conversation shifts to evolving conservative fiscal strategies and critiques proposals for tax rebates funded by tariffs. Bahnsen also tackles the media's portrayal of humanitarian issues in Gaza, emphasizing the need for accuracy in journalism amidst complex narratives.
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GDP Growth And Tariffs Reality
- The 3% quarterly GDP growth is annualized, so actual yearly growth tracks around 1.25% so far for 2025.
- The tariffs threatened did not occur, so no economic chaos from them yet; both sides use the data dishonestly.
Evolution of Tariff Justifications
- Trump's initial tariff rationales were the trade gap, manufacturing jobs repatriation, and raising revenue.
- Now, the narrative includes national security and opening markets, reflecting a shift in justifications.
Trade-Offs in Tax And Tariff Policies
- The big pro-growth parts of recent bills are business and R&D expensing and interest expense formula changes.
- These pro-growth measures are largely offset by the corporate tax burden tariffs impose, affecting GDP.