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On Point | Podcast
Raising revenue vs. protecting industry: A deep dive into America's use of tariffs
Oct 16, 2024
Douglas Irwin, a Dartmouth economics professor and author, teams up with Kimberly Klossing, UCLA's Chair of tax law, to unravel the complexities of tariffs. They delve into how tariffs function as import taxes that can inflate consumer prices. Historical perspectives reveal their ties to early American revenue needs and political debates. Their discussion highlights alternatives for supporting U.S. workers, advocating for tax reforms over tariffs, while also exploring the innovative strides in sustainability at Greentown Labs.
47:03
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Quick takeaways
- Trump's proposed tariffs aim to protect American industries but may disproportionately increase costs for U.S. consumers.
- Historically, tariffs have evolved from revenue generation to protecting domestic industries, often leading to significant political debate.
Deep dives
Trump's Tariff Proposal
Former President Trump has proposed a significant tariff structure aimed at boosting the U.S. economy. His plan includes a 60 percent tariff on Chinese imports and up to a 20 percent tariff on goods from other countries. Trump argues that these tariffs would protect American companies and encourage new ones to establish operations in the U.S. He believes that higher tariffs will compel foreign companies to set up manufacturing facilities domestically to avoid these costs, although the economic implications of such a move are complex.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode