Independent Thinking Are Donald Trump's tariffs the end of globalization?
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Apr 4, 2025 
Jason Furman, former Chair of the Council of Economic Advisers under Obama, and David Lubin, an expert at Chatham House, delve into the ramifications of Trump's new trade tariffs. They discuss the potential job losses in U.S. manufacturing and the broader implications for global trade dynamics. The duo examines the influence of tariffs on currencies and inflation, particularly focusing on how China's economy is responding. They highlight the critical need for nations to rethink trade policies to boost globalization amidst rising autarky.
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Tariffs' Negative Impact on US Manufacturing
- Trump's tariffs will likely hurt US manufacturing due to increased input costs, a stronger dollar, and retaliation.
- This will reduce manufacturing employment, contrary to Trump's claims.
Trump's Advisors' Inconsistent Views on Tariffs
- Trump's economic advisors previously held different views on tariffs, inconsistent with his current actions.
- Some advisors viewed tariffs negatively, while others saw them as tools requiring careful implementation.
Tariffs: A Tax on Consumers
- Tariffs on imports act as taxes on exports through exchange rates and retaliation, hurting sectors like tech.
- Many tariffs target goods like coffee and avocados, not produced in the US, harming consumers.