The Commentary Magazine Podcast The Tariff Madness
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Feb 3, 2025 The podcast dives into the complexities of U.S. trade policies and tariffs, scrutinizing their historical roots and modern implications. There's a detailed discussion on how recent tariffs are reshaping international relations and economic stability. The speakers humorously tackle the nuances of trade deficits as financial diplomacy tools. With a critical eye, they compare today's diplomatic strategies to past practices and address rising federal employee anxieties linked to political changes, all while exploring concerns over corporate ethics in a volatile landscape.
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Tariff Inefficiency
- Trump's tariff plan contradicts established economic principles, potentially destabilizing international relations and economies.
- Historical data suggests tariffs are an inefficient way to fund the government, even disregarding potential economic damage.
Economic Differences
- The current US economy, primarily service-based, differs vastly from McKinley's agricultural and manufacturing-based economy.
- Trump's combination of economic nationalism and restrictive immigration is novel, with uncertain economic outcomes.
Bureaucracy and Tariffs
- Tariffs increase bureaucracy, contradicting Trump's aim of streamlining government.
- They incentivize lobbying and rent-seeking, hindering investment and growth.