The Inside Story Podcast How are Trump's tariffs impacting global financial markets?
Apr 7, 2025
Ian Goldin, a Professor at the University of Oxford focusing on Globalisation and Development, joins Deborah Elms from the Hinrich Foundation and Steven Erlanger from The New York Times to dissect the impact of Trump's tariffs. They discuss the potential for a global recession, the disproportionate harm to poorer nations, and how U.S. withdrawal reshapes global trade dynamics. Attention also turns to Europe's strategic challenges amid U.S.-China competition, revealing deep insights into the changing landscape of international relations and market stability.
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Tariffs' Economic Impact
- Trump's tariffs are economically unsound, harming the US and global economies.
- They disproportionately affect poorer countries and will likely cause a recession.
Tariff Calculation Critique
- Trump's tariff calculations are crude and nonsensical, based solely on trade deficits.
- This unfairly targets poorer developing countries and even uninhabited islands.
Shifting Global Trade Landscape
- The US is undermining the WTO and global trade, but other countries will adapt.
- China now champions free trade, and Asian economies are strengthening trade ties.