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Reveal

What Trump’s Tariff Shock Will Cost You

Reveal

The Center for Investigative Reporting and PRX

News

4.78K Ratings

🗓️ 16 April 2025

⏱️ 33 minutes

🧾️ Download transcript

Summary

Justin Wolfers teaches economics 101 at the University of Michigan. It’s an introductory course about supply, demand, and trade. The basics. He wishes President Donald Trump attended.

Wolfers, an Australian known for his research on how happiness relates to income, is one of the more prominent economists speaking up about Trump’s sweeping tariff policies. He says that they not only betray the most basic laws of economics, but could very well tip the US into a recession unnecessarily.

On this episode of More To The Story, Wolfers sits down with host Al Letson to discuss why today’s tariffs are markedly different from the ones Trump imposed in 2018 and why tariffs almost never produce the intended effects that are often promised.

Producer: Josh Sanburn | Editor: Kara McGuirk-Allison | Theme music: Fernando Arruda and Jim Briggs | Fact checker: Serena Lin | Digital producers: Nikki Frick and Artis Curiskis | Interim executive producers: Taki Telonidis and Brett Myers | Executive editor: James West | Host: Al Letson 

Read: Democrats Grill Officials on Insider Profits From Trump’s Tariff Reversal (Mother Jones)

Read: Trump’s Trade War Is Here and Promises to Get Ugly (Mother Jones)

Listen: Trump’s Deportation Black Hole (Reveal)

Listen: Think Like an Economist

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Transcript

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0:00.0

Uncertainty right now is through the roof.

0:04.0

No one knows what's going on.

0:06.0

Business confidence is in the floor, consumer confidence is in the floor.

0:09.0

As a CEO, I'd be like, it's got to be the case that right now there's so much uncertainty, I'm better off just waiting a bit.

0:14.0

Yeah.

0:15.0

And if that's the case, they're not building factories, we're not spending money. There's actually a word for that.

0:21.5

They're not making stuff and we're not spending. It's called a recession. And I want to add

0:25.5

something. It didn't have to be this way.

0:29.1

On this week's more to the story, when will the chaos end? As Trump's brute force tariff agenda

0:35.1

upends the global economy, I sit down with Justin Wolfer's, one of the best economists today at explaining what the

0:42.2

biggest tariff shock in U.S. history means for you and whether it will push the country

0:47.9

into an entirely avoidable recession. Stay with us.

0:55.8

A lot of short daily news podcast focus on just one story. But right now, you probably

1:01.9

need more. On Up First from NPR, we bring you three of the world's top headlines every day

1:07.9

in under 15 minutes. Because no one's story can capture all that's happening in this big

1:14.1

crazy world of ours on any given morning listen now to the upfirst podcast from npr this is more to the up first podcast from npr this is more to the story.

1:28.1

I'm Al Lettsin, and I bet that you, like me, have been asking some increasingly urgent questions about the economy lately.

1:36.2

Maybe you've been looking at your retirement savings or rethinking a summer vacation or just buying groceries and, how long will this economic uphe will

1:46.2

last? Just two weeks ago, President Trump unveiled a sweeping wave of tariffs that roiled the

1:52.9

stock market and plunged consumer confidence. A week later, Trump reversed himself by announcing

1:59.0

a 90-day pause on many of those tariffs, but he continued

2:03.1

to engage in an escalating trade war with China. Trump argues that these moves are necessary

...

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