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WSJ Opinion: Potomac Watch

Does History Show Trump’s Tariffs Are Doomed to Fail?

WSJ Opinion: Potomac Watch

The Wall Street Journal

Society & Culture, News

42.7K Ratings

🗓️ 5 June 2025

⏱️ 31 minutes

🧾️ Download transcript

Summary

Paul Gigot speaks with former Sen. Phil Gramm about what free trade has done to American manufacturing, the political and economic damage that Donald Trump’s volatile tariff policy could have during the 2026 midterm elections, and his new book, “The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism.”   Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Americans love using their credit cards, the most secure and hassle-free way to pay.

0:04.0

But DC politicians want to change that with the Durban Marshall Credit Card Bill.

0:08.0

This bill lets corporate megastores pick how your credit card is processed,

0:13.0

allowing them to use untested payment networks that jeopardize your data security and rewards.

0:18.0

Corporate megastores will make more money and you pay the price.

0:22.0

Tell Congress to guard your card because Americans lose when politicians choose. Learn more at

0:28.0

guard your card.com.

0:32.5

From the opinion pages of the Wall Street Journal, this is Potomac Watch.

0:41.3

Is capitalism still alive and kicking in the United States? Sometimes it doesn't seem so with both political parties, now pursuing

0:47.5

higher taxes and industrial policy. But never fear. Phil Graham is here to talk about his new book, The Triumph of Economic

0:56.4

Freedom, debunking the seven great myths of economic capitalism. Welcome, I'm Paul as you go

1:02.6

with the Wall Street Journal Opinion pages and here for Potomac Watch, our daily podcast.

1:08.3

And with me today, Phil Graham, economist Economist, and former senator, one of the

1:12.1

heroes of Reaganomics in the 1980s. And I'm grateful to say he's still writing for the Wall Street

1:17.8

Journal, still producing a lot of excellent copy for us, and fighting for the causes of economic

1:24.0

liberty, which, of course, requires constant attention, as we all know. And he's

1:30.2

written this new book with economist Don Boudreau, who also writes for us from time to time. So welcome,

1:35.8

Phil. Thank you, Paul. So why this book now? Well, I noticed when I got to Washington that when I

1:42.9

tried to explain things to people, that their conception

1:47.6

about how the world worked and what happened at various critical times in American history

1:54.7

made it very difficult for them to accept views that I thought were clearly backed up by the facts. And in fact,

2:03.7

the more I've looked at it, Jefferson said, good men were the same facts or prone to disagree.

...

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