How many trade wars are we in right now?
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 2 June 2025
⏱️ 26 minutes
🧾️ Download transcript
Summary
It depends on who you ask. But we can all agree that this round of tariffs is not the same as the ones President Trump enacted during his first term. In this episode, we compare the tariffs of 2018 to the chaotic rollouts and rollbacks of 2025. Plus: We visit Utah County, one of the youngest areas in the U.S., with ADP chief economist Nela Richardson.
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Transcript
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| 0:00.0 | We're all getting older. |
| 0:02.8 | Can't help it, but that is going to mean some things for this economy. |
| 0:07.8 | From American public media. |
| 0:10.0 | This is Marketplace. |
| 0:35.4 | I'm Kai Rizzdahl. It is Monday today. This one is the second of June. Good as always to have you along, everybody. Hey, stop me if you've heard this one before, would you? This might or might not turn out to be a big week, trade war-wise. |
| 0:41.2 | Reuters reports today that the Trump administration has given the entire planet, basically, |
| 0:45.0 | until Wednesday to make its best offer on a trade deal. As the White House races the five-ish weeks left until its self-imposed 90-day deadline for those April 2nd tariffs to kick in. |
| 0:53.8 | I could give you the latest updates here, but honestly, that's kind of the problem. |
| 0:58.6 | There have been so many seemingly incremental moves. |
| 1:02.8 | They're all kind of starting to feel the same. |
| 1:05.3 | Allow me, if you would, to quote Marketplace's Kristen Schwab in our news meeting this morning. |
| 1:09.9 | I've lost the plot, she said. |
| 1:12.4 | So we sent her out to find it. |
| 1:14.9 | It's a simple question that I thought would have a simple answer. |
| 1:18.4 | How many trade wars are we in right now? |
| 1:20.7 | Huh. |
| 1:22.5 | I would not call it a trade war per se. |
| 1:26.1 | I would call it a trade tussle. |
| 1:29.5 | If it's just kind of general U.S. policy, then one big trade war. |
| 1:34.5 | So we're either in trade wars with multiple partners or we're on the verge of trade wars with |
| 1:39.4 | multiple partners. That's Olusinola, Lena Mosley, and Mary Lovely, whose answers range from zero to three-ish trade wars. |
| 1:47.5 | Point is, Trump's tariffs today are much bigger and broader than his tariffs in 2018. |
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