4.4 • 350 Ratings
🗓️ 9 July 2025
⏱️ 22 minutes
🧾️ Download transcript
It’s been exactly 90 days since US President Donald Trump paused most of his ‘reciprocal’ tariffs. With just a 10 per cent blanket tariff on all imports and a higher tariff on China, economists predicted the American economy would feel the heat pretty quickly. But the sky hasn’t fallen yet – the world’s largest economy is holding strong. The FT’s US economics editor Claire Jones explains why that is and when markets may start to feel the effects of Trump’s tariffs.
Clips from CBS News, CNBC, TODAY
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For further reading:
Donald Trump renews threat to hit trading partners with steep tariffs
Tariffs on household goods bring home costs of Trump’s trade wars
US tariff receipts surge in Donald Trump’s trade war
US narrows trade focus to secure deals before Donald Trump’s tariff deadline
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Follow Claire Jones on X (@senoj_erialc) and Saffeya Ahmed on X (@saffeya_ahmed), or follow Saffeya on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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0:36.8 | Today is the day that U.S. President Donald Trump's tariff pause was supposed to end. |
0:44.0 | As of Monday, though, that's changed. |
0:46.9 | Trump has now said that he'll extend his pause until August 1st. |
0:51.6 | Now, in the three months since he announced this pause, Trump has worked out |
0:56.4 | a deal with the UK. |
0:57.4 | Well, it looks like the Brits are over the line first, doesn't it? Donald Trump has |
1:01.6 | signed an executive order reducing tariffs on some UK exports into the United States. |
1:08.5 | He's dropped taxes on Chinese goods from almost 150%, back down to 30. |
1:14.7 | This morning, a major trade breakthrough and possibly some relief for Americans. |
1:19.5 | The U.S. and China announcing that both countries will dramatically reduce tariffs. |
1:24.5 | And he's penned some more trade agreements in the last couple of weeks, too. |
1:28.5 | To Wall Street now, as investors react to news of a trade deal between the U.S. and Vietnam. |
1:33.2 | Investors now weighing what the deal means for companies that manufacture in Vietnam, like Nike, Columbia Sportswear. |
1:40.0 | But for the last three months, a 10% baseline tariff has been in place for most all U.S. imports. |
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