S8 Ep111: Veronique De Rugy discusses US industrial policy, noting the trade deficit has increased despite tariffs, and the administration's decision to remove tariffs on food items—goods not produced domestically—is seen as an implicit admission that tariffs contr

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John Batchelor

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4.5 • 2.8K Ratings

🗓️ 22 November 2025

⏱️ 9 minutes

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Summary

Veronique De Rugy discusses US industrial policy, noting the trade deficit has increased despite tariffs, and the administration's decision to remove tariffs on food items—goods not produced domestically—is seen as an implicit admission that tariffs contribute to the "affordability crisis" because tariffs are a tax primarily borne by American consumers. The goals behind tariffs have shifted from fighting China to raising revenue, and the largest tariff exemption is for computer parts, indicating an understanding that tariffs could contradict other goals like energy abundance. De Rugyargues that US economic power stems from innovation and a willingness to invest, making industrial policy involving tariffs and seeking foreign investment largely unnecessary and potentially harmful.

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0:27.8	The Home of Homes.
0:31.0	This is CBS, I on the World.
0:33.5	I'm John Batchel.
0:34.8	Industrial Policy, the United States and the Trump administration.
0:39.8	I welcome Veronique de Rie of the Mercatus Center, writing at George Mason University as well,
0:45.8	about the industrial policy of the United States, which I didn't know to ask, seemed oddly anecdotal.
0:53.3	Tariffs are anecdotal.
0:54.6	So I bring those up for Veronique's guidance here.
0:58.4	Veronique, a very good evening to you.
0:59.9	Industrial policies seem so comprehensive and thought through lots of committees.
1:03.6	But suddenly we get an announcement earlier in this month that the tariffs that are connected in some
1:13.5	fashion to food, and there's a list of foods that are at the grocery store and
1:17.7	have noticeably been more and more expensive each week since April, that they're off the
1:24.3	tariff list, odd, strange, and the reasoning was it's causing inflation or might.
1:31.4	There was no admission to it.
1:33.5	Odd, strange.
1:35.2	I thought the idea of tariffs was to account for the emergency driven by the trade deficit.
1:43.3	Doesn't this enhance the trade deficit?
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