Debunking Economics - the podcast Trump. Has he lost his mind?
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Apr 9, 2025 The discussion dives deep into the implications of President Trump's tariffs, revealing their questionable effectiveness on trade relations, especially with China. It highlights the irony of China's rise as a global economic force amidst U.S. policies. The hosts explore the complexities of international trade and the role of multinational corporations, using humorous case studies like Cambodia's economy. They also critique America's double standards in trade criticism and emphasize the need for reform in agricultural trade policies to ensure food security.
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US Corporate Actions in China
- Steve Keen recounts his 1980s China trip where American companies exploited cheap labor.
- This "raping and pillaging" led to Rust Belt factory closures and shifted production to China.
Corporatization, Not Globalization
- Globalization is actually "corporatization" due to high intra-company trade across national borders.
- Over 40% of international trade occurs within single companies, making it intracorporate, not international.
Cambodia's Tariff Trouble
- Cambodia faces a 49% tariff due to its trade deficit with the US, largely from US imports like Nike apparel.
- Cambodians, earning $500/year, cannot afford US goods, rendering the tariff ineffective.