Intelligence Squared How will Trump’s tariff war impact the global economy? With Philip Coggan
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Jul 17, 2025 
Philip Coggan, an award-winning financial journalist and economist, illuminates the repercussions of Trump’s trade policies on the global economy. He draws parallels with Churchill’s economic decisions, warning of the erosion of a global economic order. Coggan critiques the flawed rationale behind tariffs, emphasizing their burden on consumers and economic instability. The discussion explores the complexities of U.S.-China relations, income inequality, and the potential future of the American economy in a world of shifting alliances.
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Flawed Tariff Formula Exposed
- Trump's tariffs were based on a simplistic and flawed formula dividing exports by trade deficit.
- Tariff rates often punished countries unfairly, damaging global trade logic and relations.
Domestic Consumers Pay Tariffs
- Tariffs are taxes paid by importers but largely passed onto domestic consumers.
- High tariffs can drastically increase prices for American consumers, harming them more than foreign exporters.
Chaotic Tariff Targets
- Trump's trade war targets were scattershot and indiscriminate, alienating allies.
- His approach confused negotiations by complaining about non-existent trade barriers.
