Bloomberg Talks Former Treasury Secretary Robert Rubin Talks Tariffs
Oct 7, 2025
Former U.S. Treasury Secretary Robert Rubin, a seasoned expert in fiscal policy and macroeconomics, shares his insights on tariffs and their implications for the U.S. economy. He discusses the unexpected market reactions to tariffs and their long-term risks to growth. Rubin argues against tariffs as a viable revenue source, highlighting their regressive nature and impact on competitiveness. He emphasizes the need for policies addressing globalization challenges and warns of AI's potential to disrupt the job market. Ultimately, he contemplates the U.S.'s competitive edge amid economic uncertainties.
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Tariffs Harm Growth And Competitiveness
- Robert Rubin argues tariffs are extremely unwise and will hurt growth by raising producers' costs and reducing competitiveness.
- He warns tariffs are a one-time cost that could spark inflationary expectations and long-term harm to growth.
Tariff Revenue Is Not A Real Fiscal Fix
- Rubin says tariff revenue is small relative to deficits and ignores retaliation and growth impacts.
- He calls tariffs a regressive tax likely passed on to consumers and damaging to the economy.
Fix Trade Losses With Supportive Policy
- Do implement retraining, stronger safety nets, and a larger earned-income tax credit to address trade-related job losses.
- Rubin urges policy fixes rather than closing markets to help those left behind by globalization.