Robert Kaplan, Vice Chairman of Goldman Sachs, and Ernie Tedeschi, Director of Economics at the Yale Budget Lab, dive into the current economic landscape shaped by rising trade tensions. Kaplan discusses the resilience of the U.S. economy and how stock markets react to labor data amid tariff threats. Tedeschi examines the negative impacts of tariffs on American companies and the broader economy. They also explore President Trump's recent remarks on Xi Jinping that heighten U.S.-China trade friction, raising questions about the future stability of international relations.
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insights INSIGHT
Tariffs Disrupt North American Supply Chains
North American manufacturing relies heavily on integrated supply chains with Mexico and Canada for cost competitiveness.
Tariffs disrupt these relationships, creating uncertainty and challenging US-based manufacturing growth.
insights INSIGHT
Technology Disrupts US Jobs Most
Technology-driven disruption, not globalization, is the main cause of job displacement in the US over the last decade.
The US lags in retraining workers to adapt to rapid technological changes including AI.
volunteer_activism ADVICE
Urgent Need for Deficit Reduction
We must reduce deficits by $10 trillion over the next decade to stabilize US debt-to-GDP ratios.
Relying on optimistic growth alone won't solve fiscal challenges exacerbated by tariff-induced growth reductions.
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Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJune 4th, 2025 Featuring: 1) Robert Kaplan, Vice Chairman of Goldman Sachs, joins to discuss the Fed, interest rates, and resiliency of the US economy. US stock futures hold onto two days of gains as investors await labor market data, which has so far held up better than expected amid the Trump administration's trade war. 2) Ernie Tedeschi, Director of Economics at the Yale Budget Lab, discusses his recent findings on the impact of tariffs on US companies and the US economy. Investors will follow services data and ADP's report on private-sector employment for updated information on the strength of the US economy, ahead of Friday's nonfarm payrolls report, as the market continues to climb on healthy eco data and in spite of tariffs. 3) Sassan Ghahramani, President and CEO at SGH Macro Advisors, joins to discuss President Trump's social media post upending US-China trade sentiment. President Trump called Xi Jinping "VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH" in a late-night social media post, raising questions about the fragile economic truce between the US and China. Tensions between the two countries are increasing, with the US recently barring the shipping of critical jet engine parts to China and seeking to slap fresh curbs on Huawei= chips, among other measures. 4) Sheila Kahyaoglu, Managing Director: Equity Research at Jeffries, talks about the air traffic controller concern for airlines and offers her analyst recommendations for US airlines. 5) Eric Rosen, author at The Rosen Report and former head of credit trading at UBS, talks about the dollar's position on the globe and how deficits and debt could weigh on it. While some economists fear a notable weakening in US employment in coming months under the weight of tariffs, that hasn’t shown up in the data yet.
Bloomberg Surveillance 