Tariffs: Balancing the Pros and Cons
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 3 February 2025
⏱️ 32 minutes
🧾️ Download transcript
Summary
From President Trump's upcoming tariffs on Canada, Mexico, and China to the historical legacy of the "Chicken Tax," tariffs have shaped economies and industries in ways both expected and unforeseen. In this episode, we dive into the purpose, pros, and cons of tariffs, exploring their impact on consumers, businesses, and global trade. Learn how these taxes can stimulate domestic production, drive up consumer costs, and even transform entire industries, like the U.S. auto market. Whether you're curious about the economic trade-offs or the quirky history of a chicken trade war, this episode has you covered!
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.5 | Hello, everyone. |
| 0:11.5 | Welcome to The Big Picture Retirement Show. |
| 0:13.4 | I'm your host, Devin, joined by John Ross. |
| 0:16.4 | Howdy. |
| 0:25.2 | Okay. Cody. John, we have a new president. |
| 0:26.8 | We do. |
| 0:27.4 | Inaruration was a few days ago. |
| 0:29.0 | Now we have president Donald J. Trump back in the office. |
| 0:33.8 | And no surprise, he's already making headlines. |
| 0:37.3 | Yep. One of the big, as already making headlines. Yep. |
| 0:37.7 | As you would expect. |
| 0:39.5 | Yes. |
| 0:40.0 | One of the big headlines is about tariffs. |
| 0:42.2 | Yeah, I've seen a bunch of that. |
| 0:44.5 | You know, he started talking about tariffs before he was ever elected. |
| 0:48.0 | And there was some market movement around it before he was elected. |
| 0:50.7 | Back in late October, the markets started to put the betting odds that Trump was going to win, |
| 0:58.3 | despite what the polls were showing. Somehow, it's like Wall Street knew what was going to happen. |
| 1:03.6 | And the market started reacting to some of the news about tariffs. And then it shook some of that off and I guess decided it's all going to be okay and |
| 1:12.7 | started to come back. Well, this was yesterday as we're recording this that he came out and said, |
... |
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