The DSR Network The Daily Blast: Trump Hit by Two Brutal Polls on Econ as GOP Tariff Panic Goes Nuclear
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Apr 1, 2025 In this discussion with Jared Bernstein, former chair of President Biden’s Council of Economic Advisers, the looming global tariffs proposed by Trump take center stage. Bernstein argues that these tariffs could lead to significant economic backlash even before they take effect. The podcast dives into shifting public opinions, with polling showing a decline in support for Trump's economic policies. Additionally, concerns arise about the impact on consumers and the growing discontent among Republican lawmakers trying to shield their constituents from the fallout.
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Broad Tariffs and Stagflation
- Broad tariffs increase consumer prices and hurt domestic producers.
- This combination of slowing growth and rising prices is called stagflation.
Tariffs Hurt Domestic Producers
- Tariffs increase production costs because 45% of imports are intermediate goods.
- Domestic manufacturers using these imported inputs face higher expenses, hampering growth.
Ford Trucks and Tariffs
- Ford trucks, despite being American-made, rely on parts from Mexico and Canada.
- Tariffs on these parts could increase the truck's price by $9,000-$10,000.