Fresh Air Trump's 2nd Term & The Economy
108 snips
Dec 4, 2024 
David Wessel, a senior fellow at the Brookings Institution and former Wall Street Journal journalist, dives into Donald Trump's economic plans, discussing the implications of tariffs, tax cuts, and the idea of a government efficiency overhaul led by Elon Musk and Vivek Ramaswamy. Meanwhile, Maureen Corrigan, a literature professor and book critic, reviews Niall Williams' poignant novel 'Time of the Child', exploring themes of community and personal struggle in a rural Irish setting. The conversation weaves together economics and literature in a captivating narrative.
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Tariffs and Manufacturing
- Trump's tariff plan aims to incentivize domestic manufacturing by raising import costs, mirroring mercantilist policies.
- However, automation, not imports, accounts for many lost manufacturing jobs, and historical analysis suggests tariffs may not significantly boost growth.
Impact of First-Term Tariffs
- Trump's first-term tariffs had limited impact on increasing domestic production.
- These tariffs primarily raise costs for consumers, especially for goods not produced domestically.
Trade Agreements and Supply Chains
- Trump signed new trade agreements with Canada and Mexico after imposing tariffs, creating integrated supply chains.
- New tariffs could disrupt these established agreements and supply chains.
