Swamp Notes: The costs of Trump’s tariffs
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 5 April 2025
⏱️ 15 minutes
🧾️ Download transcript
Summary
This week the US imposed new tariffs on most of the world. The FT’s US national editor Ed Luce joins us to analyze why they are baffling economists and worrying markets. Ed’s take? The US is taking itself out of the globalised economic system it built, and the consequences could be grave.
Mentioned in this podcast:
Donald Trump’s beautiful trade war
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Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. |
| 0:03.0 | Currently, we supply 27% of the UK's gas, 15% of its oil, |
| 0:07.7 | and we're playing our part in the UK's energy transition. |
| 0:11.0 | Our wind farms power 750,000 homes, |
| 0:14.0 | and we expect that to grow to over 7 million. |
| 0:16.5 | Last year, we invested 20% of our global growth spend in renewables |
| 0:20.1 | and lower carbon solutions. |
| 0:22.0 | We plan to increase that to 50% by 2030. |
| 0:25.4 | We're an energy company searching for better. |
| 0:28.4 | equinore.com.uk. |
| 0:32.5 | U.S. President Donald Trump's so-called Liberation Day introduced tariffs on imports from pretty much |
| 0:38.9 | the whole world, and the markets were left to pick up the pieces. Stocks are down, the dollar |
| 0:43.9 | indexes down, but there's going to be more fallout in response to these tariffs, and it isn't |
| 0:50.4 | all going to be from the markets. |
| 1:00.8 | This is Swamp Notes, the weekly podcast from the FT News Briefing, where we talk about all the things happening in U.S. politics. |
| 1:03.0 | I'm Mark Filipino, and this week we're asking, are tariffs a tax on America's reputation? |
| 1:08.6 | Here with me to discuss is a special guest, Ed Luce. |
| 1:11.1 | He's the FTs U.S. national editor and columnist. |
| 1:13.6 | He also co-writes our Swamp Notes newsletter. |
| 1:15.8 | Hi, Ed. |
| 1:16.7 | Good to be with you, Mark. |
| 1:18.3 | Good to have you. |
... |
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