Fareed Zakaria GPS A Debate on the Merits of Trump’s Tariff Policy
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Apr 14, 2025 
Larry Summers, former US Treasury Secretary, critiques Trump's tariff policies, discussing their implications for American capitalism and the potential rise of crony capitalism. Lingling Wei, Chief China Correspondent for the Wall Street Journal, shares insights on China's response to the escalating US-China trade war. They delve into how tariffs affect middle-class Americans and debate economic independence versus inflation. The conversation also touches on the political controversies surrounding these policies and the possible long-term effects on international trade.
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Tariff Impact
- The U.S. has the highest tariff rates in 100 years, causing market instability and recession fears.
- Economists largely disagree with these policies, but Trump's supporters defend them.
Cass on Tariffs
- Oren Cass supports high tariffs on China but acknowledges the current implementation has caused excessive uncertainty.
- He argues against prioritizing financial markets over the American industrial base and worker families.
Summers' Critique
- Larry Summers criticizes the tariffs as a self-inflicted wound, causing market instability and hurting the middle class.
- He highlights the increased corruption and rent-seeking caused by tariff exemptions.