The New Statesman | UK politics and culture American beef
Apr 3, 2025
Joining the discussion is Duncan Weldon, an economist and journalist known for his insights into global trade dynamics. He breaks down Trump’s recently announced tariffs and their ripple effects on the UK and global economy. Weldon highlights the challenges faced by American beef and poultry exports, examines the potential fallout for luxury goods and pharmaceuticals, and addresses fears over retaliatory actions by other nations. He also contemplates how these tariff changes could reshape market confidence and the future of the US dollar.
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Unreliable Tariff Chart
- Trump presented a chart detailing reciprocal tariffs during a press conference.
- Duncan Weldon found the figures unreliable and had to analyze a photo of his TV screen.
Tariff Calculation Discrepancy
- The administration's claimed methodology for calculating tariffs was not followed.
- Instead, a strange formula was used, resulting in inconsistent tariffs for similar countries like the UK and EU.
Trump's View on Historical Tariffs
- Trump views high tariffs from the late 19th and early 20th centuries as contributing to America's strong economic growth.
- However, economic historians argue that other factors were responsible, and tariffs likely hindered growth.