The Rest Is Money 196. Will Low Income Voters Ever Turn On Trump?
Aug 6, 2025
Philip Coggan, former Economist columnist and author of 'The Consequences of Mr Trump', dives into the lasting impact of Trump's tariffs on the global economy. He discusses how these policies affect employment trends and AI investments. Coggan unpacks the reluctance of nations to retaliate against tariffs and the historical lessons from past economic policies. He highlights the link between economic inequality and political allegiance, revealing how low-income voters often misinterpret their struggles as stemming from globalization rather than domestic policies.
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Episode notes
AI Investment Offsets Tariff Hits
- The US market's strong AI investment offsets negative impacts of Trump's tariffs.
- Without this, the US economy risks sputtering to a halt.
World Avoids Tariff Confrontation
- Most major economies avoid confronting Trump’s tariffs to protect their consumers and businesses.
- Imposing retaliatory tariffs would raise costs domestically and hurt their own economies.
Tariff Justifications and Trump’s Failures
- Tariffs can be justified in strategic sectors like defense or semiconductors.
- Trump’s policy lacks coherence, hurting trade relations and missing chances to unite allies against unfair competition.
