The Economics Show Would Trump’s tariffs really be that bad? With Kimberly Clausing
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Nov 18, 2024 In this engaging discussion, Kimberly Clausing, a UCLA professor and former lead economist in the Biden administration, explores the potential impacts of Trump's tariff policies. She examines whether tariffs are as harmful as some believe and reflects on past economic outcomes. Clausing highlights misconceptions about the U.S. trade deficit and argues that tariffs alone won’t fix underlying issues. The conversation also delves into how trade policies have historically impacted corporations and workers, advocating for more equitable economic solutions.
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Tariff Implementation Uncertainty
- Trump might not enact all promised tariffs due to executive limitations and potential pushback.
- However, he has expressed strong intentions and has various executive authorities to utilize.
Negotiation and Retaliation
- America's allies may attempt to negotiate or offer incentives to avoid tariffs.
- However, Trump's strong stance and potential for escalating retaliation make negotiation difficult.
Tariff Magnitude and Impact
- Trump's proposed tariffs are significantly larger than his previous ones, potentially causing substantial economic shocks.
- The magnitude and broad scope of the tariffs make it unlikely foreign exporters will absorb the costs, passing the burden to consumers.
