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PBS News Hour - Segments

Economist analyzes fallout of Trump’s sweeping new tariffs and firing of BLS commissioner

PBS News Hour - Segments

PBS NewsHour

News, Daily News

41K Ratings

🗓️ 2 August 2025

⏱️ 5 minutes

🧾️ Download transcript

Summary

The White House’s announcement Friday that it will impose hefty tariffs on imports from nearly 70 countries next week triggered the worst day on Wall Street in more than a month. Those economic jitters were compounded by a weaker than expected jobs report, which prompted Trump to fire the Bureau of Labor Statistics commissioner who produced it. Economist Ernie Tedeschi joins Ali Rogin to discuss. PBS News is supported by - https://www.pbs.org/newshour/about/funders

Transcript

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0:00.0

Good evening. I'm Ali Rogan. John Yang is away. Countries around the world are facing a flurry of

0:06.3

steep new tariffs on goods sent to the United States. The White House's announcement yesterday

0:11.5

that it will impose hefty taxes on imports from nearly 70 countries next week triggered the

0:16.8

worst day on Wall Street in over a month. Those economic jitters were compounded by

0:21.4

weaker than expected jobs numbers, which prompted President Trump to fire the Bureau of Labor

0:26.4

Statistics Commissioner who produced them. Earlier, I spoke with Ernie Tedesky, former chief

0:31.9

economist for the Biden White House and the director of economics at the Budget Lab at Yale University.

0:37.5

We discussed the sweeping tariffs, but I began by asking him about the dismissal of the Labor

0:42.2

Statistics Commissioner Erica McIntyrefer.

0:45.6

Erica McIntyre is one of the most devoted public servants in government, and among economists,

0:53.5

one of the most data-focused and rigorous people that I know.

0:57.3

And you've written on X that this type of political interference sets a bad precedent.

1:02.7

What are your concerns?

1:04.3

The United States has some of the most trustworthy economic data in the world, both our labor

1:10.2

market data and our GDP data, lots of different

1:14.0

entities and consumers throughout the world rely on it for making important decisions.

1:19.2

If suddenly that data is politically manipulated and is not trustworthy, these people that use and rely on the data may have to go elsewhere

1:31.9

to less reliable sources for data and may make decisions that are not as sound, you know,

1:38.0

not as data-focused. And you've been tracking tariffs closely since the very beginning.

1:43.7

What do you think this

1:45.1

latest tranche of tariffs is going to do to the prices of everyday products?

1:50.7

Yeah. So I think over the next two to three years, you would see overall prices rise by

...

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