Catherine Rampell and Scott Lincicome on Trump's Tariffs
The Al Franken Podcast
The Al Franken Podcast
4.6 • 8.1K Ratings
🗓️ 24 May 2026
⏱️ 61 minutes
🧾️ Download transcript
Summary
It’s been over a year since Trump’s “Liberation Day” when he rolled out his global tariffs, but the Supreme Court struck those down resulting in chaos and confusion about what happens next. Guest Host Catherine Rampell, of The Bulwark and MSNOW, welcomes Scott Lincicome, VP of economics at the Cato Institute, to try to make sense of how the 166 billion dollars in tariffs will be refunded to businesses that were impacted. Catherine and Scott break down the bureaucratic red tape of the refund process, why small businesses are once again getting left behind, and the valid fears of political retaliation that are keeping major corporations silent.
And with the U.S. government taking multi-billion-dollar equity stakes in everything from steel mills to quantum computing, we discuss the rise of “state capitalism.” It’s not exactly the free market that Republicans have been cheering for generations.
Plus, after Trump’s landmark trip to China, many Americans are experiencing what Scott calls “China envy.”
READ Catherine’s writing in The Bulwark: https://substack.com/@catherinerampell/posts
READ Scott’s writing: https://www.cato.org/people/scott-lincicome
Transcript
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