The Tariff Debate

Foreign Policy Live

Foreign Policy

Politics, News Commentary, News

4 • 601 Ratings

🗓️ 8 April 2025

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Two leading economists debate the potential trade-offs of the Trump administration’s tariffs that are now roiling markets. Oren Cass, the founder of American Compass, joins Kimberly Clausing, a professor at UCLA, to discuss what this all means for the United States and the global economy. We want to hear from you! Help us shape the future of FP Live by sharing your thoughts on the show by clicking here. Suggested reading (FP links are paywall-free): Wendy Cutler: How Countries Should Respond to Trump’s Tariffs Bob Davis: Trump Has the Whole Global Trade System in His Sights Michael Hirsh: Tariffs Can Actually Work—if Only Trump Understood How Lili Pike: Trump Threatens China With New 50 Percent Tariffs Joseph Rachman: Trump’s Tariffs Crush the ASEAN Economic Model Transcript: The Case for Trump’s Tariffs Edward Alden: Trump’s Wanton Tariffs Will Shatter the World Economy Learn more about your ad choices. Visit megaphone.fm/adchoices

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1:19.7	It's been less than a week since America's so-called Liberation Day when President Donald Trump stunned the world by announcing higher than expected tariffs in the Rose Garden. The average U.S.
1:25.9	tariff was under 4% at the start of this year. It now stands
1:30.7	at more than 22%, the highest in more than a century. Major stock markets have been in freefall
1:38.4	since April 2nd. U.S. stocks are nearing bare territory, which means a 20% dip from recent highs.
1:46.1	The dollar has declined.
1:48.2	Oil prices are at their lowest point in four years, a sign that investors think the economy
1:53.7	itself will slow down.
1:55.2	And countries around the world are scrambling to either retaliate or negotiate special carve-outs for themselves.
2:03.3	Nobody alive has seen this kind of market volatility from man-made causes. The question is,
2:10.2	will Trump stay the course? There's a strong consensus among mainstream economists that
2:16.4	Trump's tariffs are ruinous. You can see that
2:19.3	reflected in the markets. But if you had to make Trump's argument for him, what would that be?
	...

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