The Economics Show: Would Trump’s tariffs really be that bad?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 December 2024
⏱️ 35 minutes
🧾️ Download transcript
Summary
Trump is returning to office with many of the same policies that characterised his last term. And for economists, none looms larger than the prospect of significant new tariffs. But are tariffs really as destructive as feared? After all, the Biden administration maintained most of them and the economy has remained strong. Today on the show, we put the question to Kimberly Clausing, a professor at UCLA, and formerly lead economist in the Biden administration's Office for Tax Policy.
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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.co.uk. |
| 0:31.2 | Trump is back. |
| 0:32.9 | And that means so are wild tariff threats. |
| 0:35.9 | Ideally shared on social media in capital letters, |
| 0:38.8 | making America's allies, multinational companies, and journalists jump. |
| 0:43.8 | And look, I've heard the chitter chatter. |
| 0:45.7 | I know there are some people out there who think, come on, aren't these economists just |
| 0:50.1 | being a bit hysterical? |
| 0:52.1 | Tariffs would take time to have their full effects. |
| 0:55.1 | Last time, the Trump administration just paid off the farmers who got hurt most, and inflation |
| 0:59.4 | barely budged. |
| 1:00.8 | And then when the Biden administration came in, they didn't even remove the China tariffs. |
| 1:05.1 | They're still there. |
... |
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