The Milk Road Show

Will Trump Drop Tariffs to Save the Economy? w/ Ram Ahluwalia

Apr 24, 2025
Guest
Ram Ahluwalia
Ram Ahluwalia, founder and CEO of Lumida Wealth, joins to dissect the hot topic of tariffs and their profound impact on the economy. He analyzes the tangled U.S.-China trade relations and how tariffs act as a consumption tax, influencing consumer power and business activity. The discussion uncovers the market's need for clear policy direction amidst political uncertainty, especially as midterms loom. Additionally, Ahluwalia highlights Bitcoin's emerging role as a non-tariff asset, sparking a captivating conversation on investment strategies in turbulent times.
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INSIGHT

Three Tariff End States

  • There are three potential tariff end states: a tariff wall on all countries, a tariff wall just on China, or multiple bilateral deals.
  • The current path is the "spaghetti tariffs" with multiple one-off deals, which creates uncertainty and complexity for businesses.
INSIGHT

Growth Scare Hidden by Hard Data

  • Soft economic data signals a looming growth scare and possible recession risk.
  • Hard data like labor market numbers remain solid, indicating a window for policy intervention and business clarity.
INSIGHT

Tariffs Hurt American Consumers

  • Tariffs act like a consumption tax paid by Americans, hurting real incomes and business margins.
  • Tariffs on inputs like steel make American industries less competitive, often leading to layoffs and higher prices.
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