Ones and Tooze Trump's Economy
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Mar 14, 2025 This discussion dives into the dramatic impact of Trump's trade wars, which have erased $4 trillion from U.S. stock markets. The hosts analyze the stark realities of tariffs, debunking misconceptions about their benefits. They also explore the complex interplay between political expression on campuses and economic policy shifts. With insights into the challenges facing Canada under Mark Carney's leadership, the conversation highlights protectionism's effects on American jobs and the ongoing tensions between differing political ideologies in the U.S.
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McKinley's Tariff Troubles
- Trump cites President McKinley as inspiration for tariffs, but McKinley's 1890 tariff led to economic disaster.
- This resulted in the Panic of 1893, one of the worst financial crises until the Great Depression.
Market Signals
- Stock markets indicate investors' doubts about Trump's trade wars.
- Markets rebalance portfolios as some sell overvalued stocks and others buy the dip.
Job Quality Concerns
- Trump's tariffs aim to bring back manufacturing jobs, but their true value is questionable.
- Reshoring low-paying jobs is unlikely to fulfill the American dream or address male underemployment.