This is CBS Eye on the World.

Here's John Batchelor.

I welcome my colleague Joseph Sternberg.

He's in London, a member of the editorial board of the Wall Street Journal.

He writes political economics.

We're observing trade wars.

We're examining tariffs and whether they're good or bad things. Joe, however, provides a very

good case for the other side of the story. Tariffs are a version of talking about decisions made at the state level,

about consumerism, about production, about subsidies,

and especially about exports and imports.

All of that in Joe's column, and I recommend it, all new to me.

So I begin by asking Joe this decision to move from subsidizing the consumer, which is

what we do in the United States, hence we have an economy driven by consumption, to subsidizing

the producer.

What does that mean, Joe?

What does it look like?

Let's use the German example.

What are we looking at and what does it mean for trade imbalance?

Good evening, too.

Hi, John.

Well, the big picture here is that, you know, if you've been following Trump's

tariff policy over the past couple months, as have we all, you know, if you've been following Trump's tariff policy over the past couple

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