Trumpcession – How the MAGA economy could break the world

The Bunker

Podmasters

News, Politics, Society & Culture, Government

4.6 • 984 Ratings

🗓️ 20 March 2025

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Trump's economic policies have experts scratching their heads – and while the US isn't yet in recession, many believe one is imminent. The true impact of Trump's disruptive tactics remains uncertain, yet the consequences could be felt worldwide. Today on The Bunker, Gavin Esler is joined by Jonathan Portes, Professor of Economics and Public Policy at King’s College London, to unpack the fallout from MAGA economics and what it could mean for the rest of the world. • We are sponsored by Indeed. Go to https://indeed.com/bunker for £100 sponsored credit. https://www.patreon.com/c/bunkercast Written and presented by Gavin Esler. Produced by Liam Tait. Audio editors: Tom Taylor. Managing editor: Jacob Jarvis. Music by Kenny Dickinson. Group Editor: Andrew Harrison. THE BUNKER is a Podmasters Production. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Advertising helps fund our podcasts, but it's not for everyone. If you prefer to listen without ad breaks,
0:05.3	you can back us on Patreon for an ad-free experience. Just follow the link in the show notes.
0:10.5	This episode is brought to you by Vanta, stressing over cybersecurity, whether you're a startup,
0:16.0	growing fast, or already established. Vanta can help you get ISO-27,001 certified and more.
0:23.2	Plus, it allows your company to centralize security workflows,
0:27.3	complete questionnaires up to five times faster,
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0:33.9	Head to vanta.com slash Spotify to learn more.
0:38.0	Thank you. Head to vanta.com slash Spotify to learn more. Hello and welcome to the bunker.
0:48.6	I'm Gavin Esler.
0:50.1	Once upon a time, it was in 1928, in fact,
0:53.4	Herbert Hoover won the US presidency with a promise to help beleaguered American farmers.
0:59.1	His plan was to put tariffs on foreign imports.
1:02.3	Two years later, the wonderfully named U.S. Senator Reid Smoot and his Republican colleague, Congressman Willis C. Hawley, pushed the Smoot-Hawley Tariff Act through Congress
1:12.0	and into law. Result? Well, it contributed to the economic misery we call the Great Depression,
1:18.8	but Hoover, Smoot and Holly's failure was itself merely an echo of a similar set of American
1:24.1	tariffs imposed on foreign goods back in 1890 for similar reasons and with a
1:29.2	similar outcome. Tariffs meant the American economy and ordinary Americans suffered hardship,
1:35.4	and the politicians who imposed those tariffs were punished by voters. So now, in 2025,
1:41.4	the lesson of history appears to be that humans, or at least some politicians,
1:46.9	rarely learn the lessons of history. Donald Trump is playing the US tariff card one more time,
1:51.8	and that raises wider questions. Is there a Trump economic plan at all? Does Trumponomics
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