Can Trump's Tariffs Work?
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 9 December 2024
⏱️ 25 minutes
🧾️ Download transcript
Summary
In today's video we examine Donald Trump's plan to rebalance global trade using tariffs, try to understand the issues with international trade that have been pushing the United States and other countries in this protectionist direction, and if tariffs can be expected to improve the situation or make things worse. We’ll discuss whether Trump could impose his tariffs unilaterally on his first day in office and whether the mere threat of tariffs could be used to improve Americas bargaining power?
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Further Reading:
Michael Pettis Trade Intervention for Freer Trade: https://carnegieendowment.org/research/2024/10/trade-intervention-for-freer-trade?lang=en
CFR The Contentious U.S.-China Trade Relationship: https://www.cfr.org/backgrounder/contentious-us-china-trade-relationship
Transcript
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| 0:23.3 | President-elect Donald Trump has called himself a tariff man, saying that tariffs are the |
| 0:28.9 | greatest thing ever invented and that the word tariff is the most beautiful word in the dictionary. |
| 0:35.1 | He announced last week that he would impose new tariffs on goods |
| 0:39.1 | entering the US from Canada, Mexico and China on his first day in office. To be clear up front, |
| 0:46.9 | this is not a political video. It shouldn't matter if you love or hate Donald Trump. The purpose |
| 0:53.0 | is just to discuss the issues that exist |
| 0:55.5 | in international trade and the impact that tariffs or other government actions might have |
| 1:01.2 | on trade, employment and inflation. We'll look at how they've worked and failed in the past |
| 1:07.2 | and how American tariffs today might be different to the disastrous smooth |
| 1:12.5 | Hawley tariffs of 1930. |
| 1:15.5 | Trump announced last week on his version of Twitter, everyone has their own version of Twitter |
| 1:21.1 | now, that he would sign an executive order for a 25% tariff on all goods coming from Canada and Mexico, and that these |
| 1:30.3 | tariffs would stay in place until the flow of drugs and immigrants from these countries into the |
| 1:36.1 | United States has come to a halt. After the announcement, the Mexican peso fell 2%, and the Canadian dollar traded at its lowest rate to the US dollar in 15 years. |
| 1:49.8 | Trump has already vowed to target China with a 60% tariff and has discussed a 200% tariff on some car imports. |
| 1:59.2 | He says that goods coming from China will be hit with an additional 10% tariff on some car imports. He says that goods coming from China will be hit with an additional |
| 2:03.7 | 10% tariff if China doesn't do something to hold fentanyl smuggling. Tariffs which are controversial |
| 2:11.5 | with economists are core to Trump's economic vision. He sees them as a way of protecting American jobs, |
... |
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