ABC News Daily Will Trump’s ‘liberation day’ lead to global recession?
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Apr 3, 2025 Carrington Clarke, ABC's North America correspondent, sheds light on Trump's new tariffs aimed at revitalizing U.S. manufacturing. He discusses the president's assertion that America has been exploited in global trade, provoking concerns about a looming recession. Clarke explores contrasting economic beliefs, revealing tensions between Trump’s zero-sum view and broader economic consensus. The conversation also highlights strained U.S.-Australia trade relations, particularly over beef imports, and the significant implications these tariffs could have on global trade dynamics.
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Trump's Trade View vs. Economists
- Donald Trump views trade as a zero-sum game, where one country wins and another loses.
- Economists generally believe trade is mutually beneficial, even if one country imports more.
Australian Beef and Tariffs
- Trump likes Australians but criticizes their ban on American beef while importing Australian beef.
- He plans to impose tariffs to address this perceived imbalance.
Potential Silver Lining for Australia
- While the 10% tariff on Australian exports will hurt, it's lower than other countries' tariffs.
- This might give Australia a competitive advantage, allowing it to displace products from harder-hit countries.