Swamp Notes

Rana Foroohar, The FT's global business columnist, and Michael Strain, Director of Economic Policy Studies at the American Enterprise Institute, dive into Zohran Mamdani's surprising rise in New York politics. They discuss how his candidacy signals a potential shift for the Democratic Party, particularly among younger voters. The conversation tackles his unique policies and contrasting views on billionaires’ roles in the economy. They also examine how Mamdani's approach could redefine the party's strategies as the 2024 elections loom.

Hannah Kuchler, The FT's Global Pharmaceutical Editor, dives into the complicated relationship between Big Pharma and the Trump administration. Discussing the proposed 200% tariffs on foreign drugs, she notes surprise market reactions and looming challenges like the looming 'patent cliff.' Kuchler highlights how tariffs could reshape drug pricing and manufacturing in the U.S. She also examines how healthcare policies and regulatory changes impact the pharmaceutical landscape, underscoring the industry's need to adapt in a turbulent environment.

Derek Brower, U.S. News Editor at the Financial Times, dives into the unpredictable effects of Trump's presidency on corporate America. He discusses how tariffs and trade policies have created winners and losers among industries. European defense firms and the cryptocurrency sector are highlighted as surprising beneficiaries. The volatility of the market and specific companies, like Decker's Outdoor, illustrate the challenges businesses face in adapting to shifting regulations. Brower sheds light on the intricate dance between corporate influence and presidential policies.

In a riveting discussion, John Bolton, former National Security Advisor and U.N. ambassador, analyzes the recent U.S.-Iran tensions triggered by Israel's military actions. He highlights how Iran's regime might be more vulnerable than ever, possibly facing public uprisings. Bolton also delves into the implications of the international ceasefire and the historical context, contrasting it with past Middle Eastern conflicts. Lastly, he tackles the fallout from the U.S. withdrawal from the Iran nuclear deal and speculates on the challenges of upcoming nuclear negotiations.

Edward Luce, U.S. national editor and columnist for the FT, dives into Donald Trump's precarious stance on military action in Iran amid rising tensions with Israel. He discusses the ideological rifts within the MAGA movement, revealing a clash between interventionists and non-interventionists. Luce also examines how Trump's decisions could shape his coalition's support, emphasizing the political pressure he faces from pro-war factions. The dynamic relationship between foreign policy and domestic politics becomes crucial as Trump navigates this controversial landscape.

This discussion delves into President Trump's deployment of federal troops during protests, raising questions about military influence on democracy. The panel examines legal justifications for such actions and the public's perception of military use at home versus abroad. They explore the historical context of military parades, highlighting a shift from celebratory displays to symbols of power. Concerns about the normalization of military involvement in civilian affairs raise alarms about the implications for democratic values in America.

Joining the discussion are Alan Beattie, a senior trade writer at the Financial Times with expertise in global trade dynamics, and Zehra Munir, an industrial reporter focused on breaking news in manufacturing. They dive into President Trump's bold move to double steel tariffs to 50%, analyzing its potential to revive American manufacturing. The conversation also touches on the controversial partnership between U.S. Steel and Japan’s Nippon Steel, exploring local reactions in Pennsylvania and the complex interplay between jobs, unions, and political narratives.

In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes will also be available on the FT’s YouTube channel.If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Read Martin’s FT column hereSubscribe to Paul’s substack here Hosted on Acast. See acast.com/privacy for more information.

James Politi, the Washington bureau chief for the Financial Times, and Edward Luce, U.S. national editor and columnist for the same publication, dive into the Republican Party’s evolving stance on fiscal responsibility. They discuss the contradictions in the party’s big spending and tax cuts, questioning the authenticity of their commitment to reducing national debt. The conversation also touches on the ideological rifts within the GOP and reflects on broader economic implications, giving listeners a fascinating look at current political dynamics.

Katie Martin, a markets columnist and co-host of the Unhedged podcast, joins Chris Giles, a prominent economics commentator, to dissect Trump's upcoming political landscape. They analyze the recovery from market shocks and the implications of looming tariffs. The duo discusses the tension between Trump's administration and the Federal Reserve along with inflation's potential impact on his voter base. Additionally, they touch on personal escapes like gardening and football, providing a lighthearted contrast to the serious political discourse.