Podcasts about peterson institute

U.S. President Donald Trump famously tweeted during his first term, “Trade wars are good, and easy to win.” But the record of the trade war that Trump started with his so-called Liberation Day tariffs in early April suggests that things are a bit more complicated.  In an essay for Foreign Affairs appropriately titled, “Trade Wars Are Easy to Lose,” the economist Adam Posen argues that the United States has a weaker hand than the Trump administration believes. That's especially true when it comes to China, the world's second-largest economy and perhaps the real target of Trump's trade offensive. “It is China that has escalation dominance in this trade war,” Posen writes. “Washington, not Beijing, is betting all in on a losing hand.” Dan Kurtz-Phelan spoke to Posen, who is president of the Peterson Institute for International Economics, on June 9 about the short- and long-term effects of Trump's tariffs and the economic uncertainty they've caused, about what it would take to constructively remake the global economy, and about the growing risks to the United States' economic position at an especially dangerous time. You can find sources, transcripts, and more episodes of The Foreign Affairs Interview at https://www.foreignaffairs.com/podcasts/foreign-affairs-interview.

Storbritannien og EU nærmer sig igen hinanden. Fem år efter, at briterne forlod Den Europæiske Union, er de "tilbage i Verden" og i Europa, erklærede premierminister Starmer i sidste uge efter det første britisk-europæiske topmøde siden Brexit. Selv om et flertal af briterne i dag begræder deres lands udtræden af EU, er det ikke fordi, det nu skal være medlem igen, men hvad rummer den første nye aftale om et tættere samarbejde så? Hvordan vil den forme det vigtige forhold mellem briterne og EU i de kommende år, og hvor vil det historiske farvel til Europa i 2020 sætte sine grænser for samarbejdet? Deltagere: Jacob Funk Kirkegaard - Seniorforsker i økonomi ved Peterson Institute i Washington og ved tænketanken Bruegel i Bruxelles. Michael Zilmer-Johns - Danmarks tidl. NATO-ambassadør. Tinne Hjersing Knudsen - Vært på TV Avisen og DR's tidligere korrespondent i Storbritannien. Vært: Steen Nørskov.

The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this in-depth interview from the PFI Talks series by the Prague Finance Institute, renowned economist Maurice Obstfeld — Senior Fellow at the Peterson Institute for International Economics, former Chief Economist of the IMF, and former adviser to President Obama — issues a stark warning: America's rising debt, eroding fiscal discipline, and political gridlock are creating systemic risks far beyond its borders.As the world continues to rely on the dollar and U.S. Treasury markets for stability, Obstfeld explains why this "exorbitant privilege" may no longer be sustainable. From the weakening foundations of the dollar's dominance to the global consequences of U.S. policy paralysis, Obstfeld paints a sobering picture: “We are in the eye of the storm.”What you'll learn in this interview:• Why U.S. fiscal policy threatens global financial stability• How the dollar's safe-haven status could be undermined• The dangers of political dysfunction and growing inequality• Whether the world is quietly preparing to move away from the dollar system• What policy changes are urgently needed to avoid a future crisisJiri Zatloukal, a financial journalist and contributor to PFI Talks, talked with Maurice Obsfeld.

The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/east-asian-studies

The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/chinese-studies

U.S. Tariffs are hurting China Exports from China have dropped dramatically which has weighed on China's economy. This has caused protests due to lost jobs and wages in their economy. Exports from China to the United States dropped 20% in April, but China did pick up exports from other countries like Indonesia, Thailand and Africa. While this may help a little, the export dollars for China to these other countries pales in comparison to the mighty consumption of the US consumer. China's economy depends on exports considering the fact that in 2024 1/3 of GDP growth came from exports. The Chinese government is panicking a little bit with the central bank in China saying it would cut interest rates and inject more liquidity into the financial system. Some factories in China are pausing their production and laying off workers until things pick up again. Goldman Sachs estimates that roughly 16,000,000 jobs in China come from exports to the United States. With the news that tariffs are being lowered for 90 days it will be interesting to see how companies and these countries react. The US will still have a 30% tariff on many Chinese products, but that is much more manageable than the 145% that was in effect. It is important to remember this is a pause and that rhetoric could pick back up as negotiations continue. I do believe a reescalation in the trade war would really hurt the Chinese economy more than ours and I'm optimistic we will see a trade deal reached, but it will likely take time. I believe it is worth waiting for as a better trade agreement will benefit us for decades down the road.   Inflation continues to cool The headline Consumer Price Index (CPI) for the month of April came in at a 12-month rate of 2.3%, which was below the estimate of 2.4% and marked the lowest reading since February 2021. Core CPI, which excludes food and energy, came in at 2.8% which matched expectations and was in line with March's reading. Energy was a major help to the headline number as it fell 3.7% compared to last year with gasoline in particular down 11.8% over that timeframe. While this is all great many economists are worried about what the next few months will look like on the inflation front due to tariffs. Joseph Gagnon from the Peterson Institute for International Economics said he believes a 10% average tariff rate would add as much as 1 percentage point to the CPI after about six to nine months. While I would agree with the idea that inflation will likely increase in the months ahead, I still don't believe it will be to a problematic level for two reasons. First, we should remember there are several players that can absorb the costs from these tariffs. You have to consider the companies importing products can reduce their margin, there would be shipping/transportation companies that can reduce their costs, the company's manufacturing products can lower their prices, and then yes, the consumer is the last piece of the puzzle that could now have higher prices. With all that said I don't believe a 10% tariff would result in a 10% increase in prices due to all the places in the supply chain that can absorb some of the cost. The second reason I wouldn't be overly concerned is I wouldn't see the tariff as embedded inflation and it could likely be viewed as a one-time lift to prices that would then be lapped next year. Nonetheless this story will be interesting to monitor in the coming months to see what the actual impact is, but I do remain optimistic about our economy and the inflation outlook.   Could artificial intelligence create more jobs? Many people think that artificial intelligence, also known as AI, is going to reduce jobs for people. The CEO of IBM, who admits that AI has replaced hundreds of workers, said it has created more jobs than it has eliminated. He went on to say it frees up investment that the employer can put to other areas that include such jobs as software engineering, sales, & marketing. Normal things like creating spreadsheets and other routine tasks can be done with artificial intelligence, but it still takes a human to do the critical thinking on how to use that data to enhance business for the company. If you're working for a company and you don't have much contact with other workers that relate to your job, your job could be at risk of being replaced by AI. Make sure your job involves using data to work with other people, which should give you job security in the growing world of AI.   Oil at $50 a barrel? There is talk that we could see oil drop from around $60 a barrel down to $50 a barrel, which would be a big benefit for consumers at the pump. The reason for this is that OPEC and its allies are increasing production of oil faster than anyone expected. By June they could be producing nearly 1,000,000 more barrels of oil per day compared to current levels. The United States is currently the number one producer of oil in the world with production of nearly 15,000,000 barrels per day. If you're wondering does that meet our consumption? It does not as that stands at 19.6 million barrels per day. OPEC is not taking this sitting down and they want to regain market share. To do it appears they're willing to see lower oil prices. The reason why oil prices are expected to drop is that the demand is about the same as it was just one year ago, so the increase in production means we'll probably have an oil glut for a while. At $50 a barrel most oil companies can still make money off of producing oil, but US oil companies might stop doing stock buybacks and could no longer build new wells. What this would do is hurt supply in the future and oil would turn around and increase once again. If you invest in oil companies, you have to realize that supply/demand of oil will rule the price of the stock. But fortunately, most of the big oil companies pay a good dividend, which makes it a little bit easier to hold on when the stocks have a temporary decline. For consumers, this means the average cost per gallon of gasoline across the country, which is now around $3.20 per gallon, could drop to levels around $2.50 per gallon. Consumers in California may not see declines in the prices at the pump as California continues to drive refiners out of the state and reject refined gasoline from other states that do not meet a ridiculously high standard. If you want to blame someone for higher gas prices in California you can blame the governor and Sacramento for ridiculous policies on gasoline.   Financial Planning: Trusts and Retirement Accounts Do Not Mix Naming a living trust as the beneficiary of a retirement account—such as an IRA or 401(k)—is generally not a good idea due to potential tax inefficiencies and administrative complexity. Under the SECURE Act, the "stretch IRA" option has been largely eliminated for most non-spouse beneficiaries, and replaced with a 10-year rule requiring the entire account to be withdrawn within a decade of the original owner's death. If a trust is named as the beneficiary and it isn't specifically drafted to be the beneficiary of a retirement account, it may not qualify for this 10-year treatment and could face even faster distribution requirements, such as a 5-year distribution period, accelerating taxes significantly. Instead, it's typically better to name individual beneficiaries directly on retirement accounts to preserve flexibility and minimize tax impact. For those needing control over distributions—for example, to protect minor children or spendthrift heirs—a carefully drafted trust designed to meet IRS requirements should be used with the help of a qualified estate planning attorney. For most other cases, listing actual people or charities as beneficiaries is a much simpler and more efficient strategy.   Companies Discussed: Dick's Sporting Goods, Inc. (DKS), Charter Communications, Inc. (CHTR), Krispy Kreme, Inc. (DNUT) & Lyft, Inc. (LYFT)

The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/book-of-the-day

The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/book-of-the-day

This week's show is sponsored by: EPIC-MRA Public Opinion Research MIRS News Fulton Fish Market

On this episode of the Energy Security Cubed Podcast, we feature a retrospective on an episode released last year where Kelly Ogle and Joe Calnan interview Cullen Hendrix about a recent US Department of Labour ruling against Indonesian nickel production, how it demonstrates the decline of trade globalization, and what it could mean for Canada. // For the intro section, Joe Calnan talks Alberta Separatism and the future of hydrogen and oil in Asia. // Guest Bio: - Cullen Hendrix is a senior fellow at the Peterson Institute for International Economics and a non-resident fellow at the Payne Institute for Public Policy at the Colorado School of Mines // Host Bio: - Kelly Ogle is Managing Director of the Canadian Global Affairs Institute - Joe Calnan is a Fellow and Energy Security Forum Manager at the Canadian Global Affairs Institute // Reading recommendations: - "The War Below: Lithium, Copper, and the Global Battle to Power Our Lives", by Ernest Scheyder: www.simonandschuster.ca/books/The-War…9781668011805 - "The Squared Circle: Life, Death, and Professional Wrestling", by David Shoemaker: www.penguinrandomhouse.ca/books/311224…781592408818 // Interview recording Date: September 26, 2024 // Energy Security Cubed is part of the CGAI Podcast Network. Follow the Canadian Global Affairs Institute on Facebook, Twitter (@CAGlobalAffairs), or on LinkedIn. Head over to our website at www.cgai.ca for more commentary. // Produced by Joe Calnan. Music credits to Drew Phillips.

What are tariffs really used for? For economic protection? For political gain? For enforcing foreign policy? In this interview, I discuss the following with my guest scholar: ►Why James Madison foresaw tariffs as an inevitable source of conflict? ►In U.S. history, did Americans ever complain that tariffs are really a tax on the people? ►What was the first instance in which tariffs were used as a foreign policy tool? ►What is the Tariff of Abominations? ►How did tariffs backfire on Southern politicians? ►How are tariffs and secession movements related? ►Were tariffs part of Civil War's history? ►What powers did Congress grants to FDR over tariffs? ►What part of U.S. history does Pres. Trump point to as justification for his tariff policy? ►What was Pres. Reagan's tariff policy? ►How is tariff policy with the USSR different than our tariff policy toward China?

Throughout the campaign of 2024, President Donald Trump promised to use tariffs to reset America’s global trade relationships, revitalize American manufacturing, and increase government revenues—and in the first months of his second administration, the president has used tariffs and the threat of tariffs to drive concessions even while raising antagonism and roiling markets. Kimberly Clausing helps us distinguish between the rhetoric and the reality of these tariffs. Clausing is an expert on the taxation of multinational firms. She served as the Deputy Assistant Secretary for Tax Analysis in the U.S. Department of the Treasury, serving as the lead economist in the Office of Tax Policy during the Biden administration. She is a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. Clausing has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Her research examines how government decisions and corporate behavior interplay in the global economy. She has published numerous articles on the taxation of multinational firms, and she is the author of “Open: The Progressive Case for Free Trade, Immigration, and Global Capital.” See omnystudio.com/listener for privacy information.

For the next 90 days, the two countries will temporarily ease tariffs on each other's goods as trade talks continue. But what does this deal mean for the broader economy? Marketplace's Kai Ryssdal sits down with Adam Posen from the Peterson Institute for International Economics to discuss the damage that's already been done. Also on the show, how soybean farmers feel about the latest trade deal and why Chinese manufacturers are trying to reach American consumers via TikTok.

For the next 90 days, the two countries will temporarily ease tariffs on each other's goods as trade talks continue. But what does this deal mean for the broader economy? Marketplace's Kai Ryssdal sits down with Adam Posen from the Peterson Institute for International Economics to discuss the damage that's already been done. Also on the show, how soybean farmers feel about the latest trade deal and why Chinese manufacturers are trying to reach American consumers via TikTok.

Beijing confirmed on Wednesday that its top trade negotiator will meet with his US counterpart during a visit to Switzerland this week but issued a pointed warning: dialogue must be genuine, not a cover for continued pressure and unilateral demands.中国周三确认其高级贸易谈判代表将在本周访问瑞士期间与美方对等官员会晤，但发出明确警告：对话必须真诚务实，不能成为持续施压和单方面要求的遮羞布。In Washington, US Treasury Department Secretary Scott Bessent and US Trade Representative Jamieson Greer announced that they will meet with their Chinese counterparts for talks.华盛顿方面，美国财政部部长斯科特·贝森特和美国贸易代表杰米森·格里尔宣布将与中方对应官员举行会谈。The conversations mark the first official public engagement between the world's two largest economies after Trump administration's decision of imposing hefty tariffs on China imports plunged the two into a trade war.这是自特朗普政府决定对中国进口商品加征高额关税使两国陷入贸易战后，全球两大经济体首次正式公开接触。In a statement issued early on Wednesday, China's Ministry of Commerce said that senior US officials have repeatedly signaled adjustments to its tariff measures and conveyed messages through multiple channels, expressing a desire to engage with China on tariffs and related issues.中国商务部周三凌晨发布的声明指出，美方高级官员已多次释放调整关税措施的讯号，并通过多种渠道传递信息，表达就关税及相关问题与中国进行磋商的意愿。"After careful evaluation of these US overtures and on the basis of fully considering global expectations, China's interests, and the appeals of US industry and consumers, China has decided to re-engage the US," a spokesman for the Chinese Ministry of Commerce said in the statement.“在慎重评估美方这些示好姿态，并充分考虑全球期待、中国利益以及美国业界和消费者诉求的基础上，中方决定重启与美国的接触。”中国商务部发言人在声明中表示。The statement said that Vice-Premier He Lifeng, China's lead representative on economic and trade issues, will hold talks with Bessent during his May 9-12 trip.声明指出，中国经贸问题首席代表、国务院副总理何立峰将在5月9日至12日访美期间与贝森特举行会谈。In Washington, Bessent confirmed in an interview that they would meet on Saturday and Sunday.在华盛顿，贝森特接受采访时证实双方将于周六和周日会面。But Beijing made clear that it is entering the talks with caution. "If the US wants to talk, our door is always open," a ministry spokesperson said. "But if you say one thing and do another, or even to attempt to use talks as a cover to continue coercion and extortion, China will never agree, let alone sacrifice its principled position and international fairness and justice to seek any agreement."但中方明确表示将以审慎态度开启对话。“如果美方想谈，中方的大门始终敞开，” 中国商务部发言人表示，“但如果美方说一套做一套，甚至企图以谈判为掩护继续实施胁迫勒索，中方绝不会接受，更不可能以牺牲原则立场和国际公平正义为代价来换取任何协议。”The spokesperson noted that negotiations must be grounded in "mutual respect, equal consultation and mutual benefit".发言人强调，谈判必须建立在“相互尊重、平等协商、互利共赢”的基础之上。The ministry's statement cited an old Chinese saying: "We must not only listen to what they say but also watch what they do," warning that any future agreement would depend on Washington's sincerity and actions—not just its words.声明援引中国古训“听其言，观其行”，警告未来任何协议都将取决于美方的诚意与实际行动——而非空口承诺。The statement also carries a message to other economies that are engaging with Washington. "Appeasement does not bring peace, and compromise does not earn respect," it said, adding that only by adhering to principles, fairness, and justice can one truly safeguard interests.该声明同时向其他与美方接触的经济体传递信息：“绥靖无法换取和平，妥协不能赢得尊重”，声明还说，唯有坚持原则、恪守公平正义，才能真正维护自身利益。Ahead of the planned meeting in Switzerland, Bessent said he looked forward to "productive talks".在瑞士计划举行的会晤前夕，贝森特表示期待进行“富有成效的对话”。He said the US and China had to de-escalate before they can move forward with trade negotiations.他指出，美中两国必须首先实现局势降级，才能推动贸易谈判取得进展。"My sense is that this will be about de-escalation, not about the big trade deal, but we've got to de-escalate before we can move forward," Bessent said in an interview on Fox News on Tuesday.贝森特周二接受福克斯新闻采访时强调：“我认为本次会晤重点在于缓和紧张局势而非达成重大贸易协议，但在推进谈判前我们必须要实现降级。”He also said "the current tariffs and trade barriers are unsustainable, but we don't want to decouple".他同时表示“现行关税和贸易壁垒不可持续，但我们不希望走向脱钩”。In his first 100 days in office since Jan 20, US President Donald Trump has announced sweeping tariffs, starting with a 10 percent blanket duty on all foreign-made imports.美国总统特朗普自1月20日就职以来的首个100天内，已宣布实施全面关税措施：首先对所有外国进口商品征收10%的统一关税。Dozens of countries received a 90-day pause until July, but tariffs were raised to 145 percent on products from China, which has retaliated by imposing 125 percent levies on US goods.尽管数十个国家获得了截至7月的90天暂缓期，但对华商品关税已提升至145%。作为反制，中国已对美国商品实施125%的报复性关税。Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics in Washington, said the Switzerland meeting is very important, and that "the news would be warmly welcomed by the financial markets and trading firms".华盛顿彼得森国际经济研究所高级研究员加里·赫夫鲍尔认为，此次瑞士会晤至关重要，“这一消息将受到金融市场和贸易公司的热烈欢迎”。unilateral/ˌjuːnɪˈlætrəl/adj. 单方面的;单方的hefty tariffs高额关税coercion/kəʊˈɜːʃn/n.胁迫extortion/ɪkˈstɔːʃn/勒索;敲诈de-escalation/diː ˌeskəˈleɪʃn/n.降级; 减低战争的范围或强度

After declaring victory in yesterday's Canadian election, Prime Minister Mark Carney said the “old relationship” with the United States is over. Over the past few months, President Donald Trump's on-and-off tariffs and repeated annexation threats have caused Canadians to reconsider the United States as its leading trading partner and ally. But Patricia Goff, professor of political science at Wilfrid Laurier University, said the idea of disentangling the two economies is unrealistic. On the show today, Goff explains how Trump's tariffs and annexation threats influenced the Canadian election, how Canadian industries are navigating the trade war, and what this all could mean for the future of the U.S.-Mexico-Canada trade agreement.Plus, we'll hear a pitch for a new “Make Me Smart”-themed rear window sticker. And, what one psychologist got wrong about burnout. Here's everything we talked about today:"Trump knows exactly what he just triggered in Canada" from CBC News"Liberal Bruce Fanjoy topples Pierre Poilievre in Carleton" from CBC News"Canada-U.S. Relations Continue to Reach Lows Over Tariffs and Annexation Threats" from The New York Times"Mike Myers Is Ready to Defend Canada" from The New York Times"Canada says its friendship with the US is ‘over.' Now what?" From Politico "The future of the USMCA" from the Peterson Institute for International EconomicsWe want to hear your answer to the Make Me Smart question. Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

After declaring victory in yesterday's Canadian election, Prime Minister Mark Carney said the “old relationship” with the United States is over. Over the past few months, President Donald Trump's on-and-off tariffs and repeated annexation threats have caused Canadians to reconsider the United States as its leading trading partner and ally. But Patricia Goff, professor of political science at Wilfrid Laurier University, said the idea of disentangling the two economies is unrealistic. On the show today, Goff explains how Trump's tariffs and annexation threats influenced the Canadian election, how Canadian industries are navigating the trade war, and what this all could mean for the future of the U.S.-Mexico-Canada trade agreement.Plus, we'll hear a pitch for a new “Make Me Smart”-themed rear window sticker. And, what one psychologist got wrong about burnout. Here's everything we talked about today:"Trump knows exactly what he just triggered in Canada" from CBC News"Liberal Bruce Fanjoy topples Pierre Poilievre in Carleton" from CBC News"Canada-U.S. Relations Continue to Reach Lows Over Tariffs and Annexation Threats" from The New York Times"Mike Myers Is Ready to Defend Canada" from The New York Times"Canada says its friendship with the US is ‘over.' Now what?" From Politico "The future of the USMCA" from the Peterson Institute for International EconomicsWe want to hear your answer to the Make Me Smart question. Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Les Réunions de printemps du Fonds monétaire international et de la Banque mondiale commence ce lundi à Washington. Durant cet événement notamment, les acteurs de l'économie de tous les pays se réunissent pour parler de l'état de l'économie mondiale. Sans surprise, cette édition va être marquée par la politique commerciale de Donald Trump. Décryptage. Depuis son retour à la Maison Blanche il y a moins de 100 jours, c'était le 20 janvier, Donald Trump a relancé la guerre commerciale contre pratiquement tous les pays du globe. On le rappelle, tous les produits qui entrent aux États-Unis sont taxés à hauteur de 10%. Cela monte jusqu'à 145% sur certaines importations chinoises. Pékin ne s'est pas fait attendre pour répondre avec une taxation de 125% sur les produits américains. Bref, cette escalade entre les deux premières économies mondiales a des conséquences pour la planète toute entière, ce qui inquiète et le Fonds monétaire international, et la Banque mondiale. Croissance mondiale affectée  La directrice générale du FMI l'explique elle-même mais elle reste modérée. Kristalina Georgieva estime aujourd'hui que l'incertitude sur les politiques commerciales mondiales est "hors norme”. Selon plusieurs études du FMI justement, le taux effectif moyen des droits de douane américains atteint désormais environ 20%. Et les conséquences sont très concrètes. Par exemple. le dollar s'affaiblit alors qu'il est perçu comme une valeur refuge. Et puis la croissance américaine en souffre. D'après le Peterson Institute, elle devrait tomber à 0,1% cette année. C'est loin de ce qui était envisagé il y a encore quelques semaines, à savoir 2,5%. Une tendance qui va irrémédiablement avoir un impact sur la croissance mondiale.  À lire aussiLe coût des mesures douanières de Donald Trump à l'échelle mondialeToujours d'après la directrice du FMI, il faut se préparer à revoir sa copie car l'institution financière prévoit désormais une révision à la baisse des perspectives économiques mondiales. Le rapport devrait justement être publié cette semaine. Si en janvier, avant l'investiture de Donald Trump, la croissance mondiale pour 2025-2026 était estimée à 3,3%, elle devrait diminuer. Ce chiffre semble aujourd'hui optimiste voire irréaliste car la croissance de la planète aurait dû être stimulée par celle des États-Unis. Or, on l'a dit, elle devrait être pratiquement atone. Un multilatéralisme mis à mal Ce n'est presque plus à prouver, Donald Trump a une vision assez personnelle du multilatéralisme. Le problème, c'est que les États-Unis sont les premiers actionnaires du FMI. Le pays est aussi essentiel dans le fonctionnement de la Banque mondiale puisqu'il y est représenté via 17% des capitaux de l'institution. Et lorsque l'administration Trump remet en cause son rôle dans l'activité de ces deux instances, c'est en effet tout un pan de l'économie mondiale qui est en sursis. À lire aussiSur la piste d'une machine à café pour comprendre les effets des taxes douanières de TrumpL'aide au développement est un secteur très affecté. D'après l'OCDE, elle a diminué de 7% l'an passé. Cette année, elle devrait encore baisser, entre -9 et -17%. Concrètement ce sont des dizaines de milliards d'euros en moins. Les patrons du FMI et de la Banque mondiale appellent ainsi à des réformes profondes de l'économie, plus équilibrée, plus résiliente, avec une priorité: continuer à dialoguer avec toutes les parties, même les États-Unis. Mais pour échanger, il faut être deux, et Donald Trump ne compte visiblement pas faire partie de la discussion.

On April 2nd, the U.S. government announced a host of sweeping tariff hikes with every single one of America's trading partners. The aim of the so-called “Liberation Day” tariffs was ostensibly to “rebalance” the global trading system, as some Trump advisors have put it.However, the drastic measure roiled markets and eventually resulted in the President imposing a 90-day pause on most tariffs, with the exception of strategic sectors and imports from China. India, for its part, was slapped with a 26% tariff even as top officials were negotiating a bilateral trade agreement with their American counterparts.While the fate of future tariffs and any side agreements are unknown, the episode raises serious questions about India's global economic strategy. To talk about where India goes from here, Milan is joined on the show this week by Shoumitro Chatterjee. Shoumitro is an Assistant Professor of International Economics at Johns Hopkins-SAIS. His research lies at the intersection of development economics, trade, and macroeconomics, but he has also done seminal work on the role of agriculture in development.Milan and Shoumitro discuss India's surprising export-led success, its underperformance in low-skilled manufacturing, and the country's inward turn post-2017. Plus, the two discuss how India can take advantage of the current global uncertainty and where the politically sensitive agricultural sector fits in.Episode notes:1. Shoumitro Chatterjee, “In Trump's tariff world, India must say: We are open for business,” Indian Express, April 4, 2025.2. Abhishek Anand, Shoumitro Chatterjee, Josh Felman, Arvind Subramanian, and Naveen Thomas, “How quality control orders are crippling India's trade competitiveness,” Business Standard, March 4, 2025.3. Shoumitro Chatterjee and Arvind Subramanian, “India's inward (re)turn: is it warranted? Will it work?” Indian Economic Review 58 (2023): 35-59.4. Shoumitro Chatterjee, Devesh Kapur, Pradyut Sekhsaria, and Arvind Subramanian, “Agricultural Federalism: New Facts, Constitutional Vision,” Economic and Political Weekly 62, no. 36 (2022): 39-48.5. Shoumitro Chatterjee and Arvind Subramanian, “India's Export-Led Growth: Exemplar and Exception,” Ashoka Center for Economic Policy Working Paper No. 01, October 2020.6. Shoumitro Chatterjee and Arvind Subramanian, “To embrace atmanirbharta is to choose to condemn Indian economy to mediocrity,” Indian Express, October 15, 2020.7. Shoumitro Chatterjee and Arvind Subramanian, “Has India Occupied the Export Space Vacated by China? 21st Century Export Performance and Policy Implications,” in Euijin Jung, Arvind Subramanian, and Steven R. Weisman, editors, A Wary Partnership: Future of US-India Economic Relations (Washington, D.C.: Peterson Institute for International Economics, 2020).8. Shoumitro Chatterjee and Devesh Kapur, “Six Puzzles in Indian Agriculture,” India Policy Forum 13, no. 1 (2017): 185-229.

Tonight's rundown:  Hey BillOReilly.com Premium and Concierge Members, welcome to the No Spin News for Thursday, April 10, 2025. Stand Up for Your Country.  Talking Points Memo: How the United States could hurt China and why the Chinese economy will collapse unless a deal is reached. Nicholas Lardy, Ph.D., Senior Fellow at the Peterson Institute for International Economics, joins the No Spin News to discuss U.S.–China relations and whether Trump may have overestimated his leverage. Bill looks at the anti-Trump media's overreaction to the price of oil and eggs. Panama and the U.S. sign a new security deal for the canal.  Why did CNN hold a town hall with Bernie Sanders? This Day in History: Paul McCartney announces that he is leaving The Beatles. Final Thought: Television pundits' saying, 'by the way' and 'we'll see.' In Case You Missed It: Read Bill's latest column, Make America Scared Again. Stand out from the crowd with our Not Woke baseball cap for just $28.95! For a limited time, get Bill O'Reilly's bestselling The United States of Trump and a No Spin Mug for only $39.95. Pre-order Bill's next book in the new Confronting Series, ‘Confronting Evil' NOW! Now's the time to get a Premium or Concierge Membership to BillOReilly.com, the only place for honest news analysis. Learn more about your ad choices. Visit megaphone.fm/adchoices

For a closer look at how President Trump's tariffs are already impacting the U.S. and global economies, Amna Nawaz spoke with Mary Lovely, a senior fellow who studies tariffs at the nonpartisan Peterson Institute for International Economics. PBS News is supported by - https://www.pbs.org/newshour/about/funders

For a closer look at how President Trump's tariffs are already impacting the U.S. and global economies, Amna Nawaz spoke with Mary Lovely, a senior fellow who studies tariffs at the nonpartisan Peterson Institute for International Economics. PBS News is supported by - https://www.pbs.org/newshour/about/funders

Today, it's all YOU! We're diving into the mailbag to play your voicemails, read your comments, and answer your questions after a wild week of tariff insanity. We'll hear from YOU on how you've been riding the economic uncertainty. Plus, is Trump's tariff pause, really a pause? And a listener shares what it's been like teaching elementary students about tariffs. Here's everything we talked about today:“US-China Trade War Tariffs: An Up-to-Date Chart” from the Peterson Institute for International Economics“The Fiscal and Economic Effects of the Revised April 9 Tariffs” from The Budget Lab at YaleMillion Bazillion by MarketplaceJoin us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

Today, it's all YOU! We're diving into the mailbag to play your voicemails, read your comments, and answer your questions after a wild week of tariff insanity. We'll hear from YOU on how you've been riding the economic uncertainty. Plus, is Trump's tariff pause, really a pause? And a listener shares what it's been like teaching elementary students about tariffs. Here's everything we talked about today:“US-China Trade War Tariffs: An Up-to-Date Chart” from the Peterson Institute for International Economics“The Fiscal and Economic Effects of the Revised April 9 Tariffs” from The Budget Lab at YaleMillion Bazillion by MarketplaceJoin us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

This is a special edition of the Bloomberg Daybreak: US Edition podcast. Subscribe to the show: on Apple: http://bit.ly/3DWYoAN on Spotify: http://bit.ly/3jGRYiB Anywhere: http://bit.ly/3J1bct9On today's episode: President Donald Trump imposed the steepest American tariffs in a century as he steps up his campaign to reshape the global economy, sparking threats of retaliation and a selloff in markets around the world.Trump announced Wednesday he will apply at least a 10% tariff on all exporters to the US, with even higher duties on some 60 nations, to counter large trade imbalances with the US. That includes some of the country’s biggest trading partners, such as China — which now faces a tariff of well above 50% on many goods — as well as the European Union, Japan and Vietnam.“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense,” Trump said during an event in the White House Rose Garden to unveil the so-called reciprocal tariffs. “Now it’s our turn to prosper.”The move marks a dramatic escalation in Trump’s trade war, one that risks triggering retaliation from other countries and upends calculations for businesses and consumers at home. China and the EU, America’s largest trading partner, both said they were preparing to take countermeasures in response.The US president has embraced tariffs as a tool to assert US power, revive manufacturing at home and exact geopolitical concessions — counter to the decades-old consensus that lower trade barriers help to foster ties among nations and prevent conflicts. Economists say the near-term result of his measures will likely be higher US prices and slower growth — or perhaps even a recession.Global financial markets were hit by a sweeping selloff after Trump’s announcement, with US equity futures slumping as much as 4%.Gold hit an all-time high and the traditional haven Japanese yen soared, while China maintained its daily support of the yuan. Ten-year Treasury yields fell toward the closely-watched 4% level, their lowest since October.Read More: Fear Grips Markets as Trump Tariffs Raise Risks to Global GrowthLess than three months after returning to the White House, Trump has already erected trade barriers that are bigger by some measures than those imposed in the notoriously protectionist 1930s. Bloomberg Economics calculates that the effective tax rate the US now charges on more than $3 trillion of imported goods may climb to around 23% — higher than any point in more than a century.A statement published Wednesday by the United States Trade Representative explained the Trump administration calculated its raft of new tariffs primarily based on existing trade balances. Countries running a trade surplus with the US faced a flat 10% rate regardless, as did nations where trade was roughly even.There’s a small difference in the tariff rates first announced by Trump and more than a dozen of those listed in the annex that accompanied the White House executive order. For countries like South Korea, Myanmar, Pakistan and India, the rates in the annex are about 1 percentage point higher than the initial announcement.The 10% baseline charge on everyone takes effect after midnight Saturday. The higher duties on targeted countries — which replace, rather than add on top of the 10% rate — are due to kick in on April 9, the White House said.Read More: List of Reciprocal Tariffs by CountryFor now, the new measures don’t include Canada and Mexico, which are embroiled in a separate on-and-off tariff dispute with the US. They also won’t apply to some products that are subject to separate duties tied to so-called Sec. 232 investigations such as autos, semiconductors and lumber.The reciprocal tariffs were “much worse than we feared,” said Mary Lovely, a senior fellow at the Peterson Institute for International Economics. There’ll be “huge implications for rerouting of trade,” she said.The president, who’s sought to frame his trade plans as a boost for his blue-collar voters, was joined in the Rose Garden by union members and workers from various industries — including a retired autoworker who spoke on stage. Later, Trump brandished large boards during his 48-minute address to display each nation’s new rate.See omnystudio.com/listener for privacy information.

This is a special edition of the Bloomberg Daybreak: US Edition podcast. Subscribe to the show: on Apple: http://bit.ly/3DWYoAN on Spotify: http://bit.ly/3jGRYiB Anywhere: http://bit.ly/3J1bct9On today's episode: President Donald Trump imposed the steepest American tariffs in a century as he steps up his campaign to reshape the global economy, sparking threats of retaliation and a selloff in markets around the world.Trump announced Wednesday he will apply at least a 10% tariff on all exporters to the US, with even higher duties on some 60 nations, to counter large trade imbalances with the US. That includes some of the country’s biggest trading partners, such as China — which now faces a tariff of well above 50% on many goods — as well as the European Union, Japan and Vietnam.“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense,” Trump said during an event in the White House Rose Garden to unveil the so-called reciprocal tariffs. “Now it’s our turn to prosper.”The move marks a dramatic escalation in Trump’s trade war, one that risks triggering retaliation from other countries and upends calculations for businesses and consumers at home. China and the EU, America’s largest trading partner, both said they were preparing to take countermeasures in response.The US president has embraced tariffs as a tool to assert US power, revive manufacturing at home and exact geopolitical concessions — counter to the decades-old consensus that lower trade barriers help to foster ties among nations and prevent conflicts. Economists say the near-term result of his measures will likely be higher US prices and slower growth — or perhaps even a recession.Global financial markets were hit by a sweeping selloff after Trump’s announcement, with US equity futures slumping as much as 4%.Gold hit an all-time high and the traditional haven Japanese yen soared, while China maintained its daily support of the yuan. Ten-year Treasury yields fell toward the closely-watched 4% level, their lowest since October.Read More: Fear Grips Markets as Trump Tariffs Raise Risks to Global GrowthLess than three months after returning to the White House, Trump has already erected trade barriers that are bigger by some measures than those imposed in the notoriously protectionist 1930s. Bloomberg Economics calculates that the effective tax rate the US now charges on more than $3 trillion of imported goods may climb to around 23% — higher than any point in more than a century.A statement published Wednesday by the United States Trade Representative explained the Trump administration calculated its raft of new tariffs primarily based on existing trade balances. Countries running a trade surplus with the US faced a flat 10% rate regardless, as did nations where trade was roughly even.There’s a small difference in the tariff rates first announced by Trump and more than a dozen of those listed in the annex that accompanied the White House executive order. For countries like South Korea, Myanmar, Pakistan and India, the rates in the annex are about 1 percentage point higher than the initial announcement.The 10% baseline charge on everyone takes effect after midnight Saturday. The higher duties on targeted countries — which replace, rather than add on top of the 10% rate — are due to kick in on April 9, the White House said.Read More: List of Reciprocal Tariffs by CountryFor now, the new measures don’t include Canada and Mexico, which are embroiled in a separate on-and-off tariff dispute with the US. They also won’t apply to some products that are subject to separate duties tied to so-called Sec. 232 investigations such as autos, semiconductors and lumber.The reciprocal tariffs were “much worse than we feared,” said Mary Lovely, a senior fellow at the Peterson Institute for International Economics. There’ll be “huge implications for rerouting of trade,” she said.The president, who’s sought to frame his trade plans as a boost for his blue-collar voters, was joined in the Rose Garden by union members and workers from various industries — including a retired autoworker who spoke on stage. Later, Trump brandished large boards during his 48-minute address to display each nation’s new rate.See omnystudio.com/listener for privacy information.

How will Trump's tariffs impact global trade? Guest: Gary Hufbauer, Nonresident Senior Fellow at the Peterson Institute for International Economics Learn more about your ad choices. Visit megaphone.fm/adchoices

Should Canada create a task force to deal with the US? Guest: Vincent Rigby, Former National Security and Intelligence Advisor to the Prime Minister of Canada and Co-Author of the Report The paradox of hard work Guest: Dr. Michael Inzlicht, Professor of Psychology at the University of Toronto What's causing the ‘Torpedo Bat' mania? Guest: Olivier Lepine, Co-General Manager of B45 Baseball We finally know how parrots talk Guest: Dr. Michael Long, Professor of Neuroscience and Physiology at New York University's Tandon School of Engineering How will Trump's tariffs impact global trade? Guest: Gary Hufbauer, Nonresident Senior Fellow at the Peterson Institute for International Economics Deconstructing Trump's case for a trade war with Canada Guest: Dan Ciuriak, Senior Fellow at the Centre for International Governance Innovation Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey Smarties! Today we’re revisiting an episode from earlier this year that might help you make sense of all the tit for tat tariff fight from the past few weeks. It unpacks some tariff history and the potential economic consequences of President Trump’s ongoing trade war. If President Donald Trump goes through with his plan to levy sweeping tariffs on foreign imports, it wouldn't be the first time the U.S. has done such a thing. Ever heard of the Smoot-Hawley Tariff Act of 1930? Anyone? Those tariffs are widely credited with sinking the United States deeper into the Great Depression. And although global trade looks different nowadays, they can teach us a lot about how Trump's protectionist approach to global trade could play out. On the show today, Inu Manak, a fellow for trade policy at the Council on Foreign Relations, explains how the Smoot-Hawley tariff debacle can shed light on the current moment, why the president has the power to wield tariffs in the first place, and how punishing trading partners could leave the U.S. economy at a disadvantage. Plus, what this fight has to do with the 1980s film “Ferris Bueller's Day Off” and Roomba vacuum cleaners! Later, one listener's call to visit your local butcher. And, dating coach Damona Hoffman, host of the “Dates and Mates” podcast, answers the “Make Me Smart” question just in time for Valentine's Day. Here's everything we talked about today: “Tariffs on Trading Partners: Can the President Actually Do That?” from Council on Foreign Relations “One Response to Trump's Tariffs: Trade That Excludes the U.S.” from The New York Times “The United States has been disengaging from the global economy” from the Peterson Institute for International Economics “Protectionism 100 years ago helped ignite a world war. Could it happen again?” from The Washington Post “The US is one of the least trade-oriented countries in the world – despite laying the groundwork for today's globalized system” from The Conversation Double your impact when you donate to Marketplace today, thanks to a $30,000 match from the Investors Challenge Fund: https://support.marketplace.org/smart-sn

Hey Smarties! Today we’re revisiting an episode from earlier this year that might help you make sense of all the tit for tat tariff fight from the past few weeks. It unpacks some tariff history and the potential economic consequences of President Trump’s ongoing trade war. If President Donald Trump goes through with his plan to levy sweeping tariffs on foreign imports, it wouldn't be the first time the U.S. has done such a thing. Ever heard of the Smoot-Hawley Tariff Act of 1930? Anyone? Those tariffs are widely credited with sinking the United States deeper into the Great Depression. And although global trade looks different nowadays, they can teach us a lot about how Trump's protectionist approach to global trade could play out. On the show today, Inu Manak, a fellow for trade policy at the Council on Foreign Relations, explains how the Smoot-Hawley tariff debacle can shed light on the current moment, why the president has the power to wield tariffs in the first place, and how punishing trading partners could leave the U.S. economy at a disadvantage. Plus, what this fight has to do with the 1980s film “Ferris Bueller's Day Off” and Roomba vacuum cleaners! Later, one listener's call to visit your local butcher. And, dating coach Damona Hoffman, host of the “Dates and Mates” podcast, answers the “Make Me Smart” question just in time for Valentine's Day. Here's everything we talked about today: “Tariffs on Trading Partners: Can the President Actually Do That?” from Council on Foreign Relations “One Response to Trump's Tariffs: Trade That Excludes the U.S.” from The New York Times “The United States has been disengaging from the global economy” from the Peterson Institute for International Economics “Protectionism 100 years ago helped ignite a world war. Could it happen again?” from The Washington Post “The US is one of the least trade-oriented countries in the world – despite laying the groundwork for today's globalized system” from The Conversation Double your impact when you donate to Marketplace today, thanks to a $30,000 match from the Investors Challenge Fund: https://support.marketplace.org/smart-sn

Wall Street thought Donald Trump was bluffing about his tariff plans. The stock market rallied after his election. But the reality has started setting in. Trump is doubling down on tariffs, even as he warned Americans that the economy may experience a “period of transition,” insisting this is just short-term pain.So what exactly is Trump's theory here? And how much pain should we expect?Answering those questions requires a bit of a tariffs primer. And the economist Kimberly Clausing kindly agreed to come on the show, walk through the basics, and help me make sense of what Trump is doing here. Clausing has modeled the possible costs and consequences of the tariffs Trump has proposed, and she breaks down how much you and I might end up paying. Clausing is a senior fellow at the Peterson Institute for International Economics, a professor at U.C.L.A. and the author of “Open: The Progressive Case for Free Trade, Immigration, and Global Capital.”This conversation contains strong language.Note: This conversation was recorded on Wednesday, March 5.Mentioned:We're taping an “Ask Me Anything” episode soon. You can email me at ezrakleinshow@nytimes.com with a question. Please use the subject like “AMA.” We'll consider any questions that are shared by the end of the day on Tuesday March 18.“The Real Reason President Trump Pushes Tariffs” by Kimberly ClausingAbundance by Ezra Klein and Derek ThompsonAbundance book tourBook Recommendations:The Undoing Project by Michael LewisMountains Beyond Mountains by Tracy KidderThe Worldly Philosophers by Robert L. HeilbronerThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show's production team also includes Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Pat McCusker. Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/public-policy

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/politics-and-polemics

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/law

On WSJ's Take On the Week, co-host Telis Demos talks with reporter Miriam Gottfried about what is driving a slide in 10-year Treasury yields. Then they get into the upcoming jobs report and whether any DOGE-related shakeups in the federal workforce could be reflected in the data. They also discuss the flurry of tariff-related developments ahead of a deadline this week for proposed taxes on imports from Canada and Mexico. Later on the show, Telis dives into what President Trump's tariff agenda could mean for the economy and markets with Chad Bown, a senior fellow at the Peterson Institute for International Economics and former chief economist for the U.S. Department of State in the Biden-Harris administration.  This is WSJ's Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street's banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We'd love to hear from you. Email the show at takeontheweek@wsj.com.  To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com  Further Reading   To read more from co-host Telis Demos, catch up on PayPal Needs Help From Its Oldest Friends—Consumers. The Economy Is Still Fine. Americans Are Still Gloomy  For more coverage of the markets and your investments, head to WSJ.com, WSJ's Heard on The Street Column, and WSJ's Live Markets blog.  Sign up for the WSJ's free Markets A.M. newsletter.  

If President Donald Trump goes through with his plan to levy sweeping tariffs on foreign imports, it wouldn’t be the first time the U.S. has done such a thing. Ever heard of the Smoot-Hawley Tariff Act of 1930? Anyone? Those tariffs are widely credited with sinking the United States deeper into the Great Depression. And although global trade looks different nowadays, they can teach us a lot about how Trump’s protectionist approach to global trade could play out. On the show today, Inu Manak, a fellow for trade policy at the Council on Foreign Relations, explains how the Smoot-Hawley tariff debacle can shed light on the current moment, why the president has the power to wield tariffs in the first place, and how punishing trading partners could leave the U.S. economy at a disadvantage. Plus, what this fight has to do with the 1980s film “Ferris Bueller’s Day Off” and Roomba vacuum cleaners! Later, one listener’s call to visit your local butcher. And, dating coach Damona Hoffman, host of the “Dates and Mates” podcast, answers the “Make Me Smart” question just in time for Valentine’s Day. Here’s everything we talked about today: “Tariffs on Trading Partners: Can the President Actually Do That?” from Council on Foreign Relations “One Response to Trump's Tariffs: Trade That Excludes the U.S.” from The New York Times “The United States has been disengaging from the global economy” from the Peterson Institute for International Economics “Protectionism 100 years ago helped ignite a world war. Could it happen again?” from The Washington Post “The US is one of the least trade-oriented countries in the world – despite laying the groundwork for today's globalized system” from The Conversation Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

If President Donald Trump goes through with his plan to levy sweeping tariffs on foreign imports, it wouldn’t be the first time the U.S. has done such a thing. Ever heard of the Smoot-Hawley Tariff Act of 1930? Anyone? Those tariffs are widely credited with sinking the United States deeper into the Great Depression. And although global trade looks different nowadays, they can teach us a lot about how Trump’s protectionist approach to global trade could play out. On the show today, Inu Manak, a fellow for trade policy at the Council on Foreign Relations, explains how the Smoot-Hawley tariff debacle can shed light on the current moment, why the president has the power to wield tariffs in the first place, and how punishing trading partners could leave the U.S. economy at a disadvantage. Plus, what this fight has to do with the 1980s film “Ferris Bueller’s Day Off” and Roomba vacuum cleaners! Later, one listener’s call to visit your local butcher. And, dating coach Damona Hoffman, host of the “Dates and Mates” podcast, answers the “Make Me Smart” question just in time for Valentine’s Day. Here’s everything we talked about today: “Tariffs on Trading Partners: Can the President Actually Do That?” from Council on Foreign Relations “One Response to Trump's Tariffs: Trade That Excludes the U.S.” from The New York Times “The United States has been disengaging from the global economy” from the Peterson Institute for International Economics “Protectionism 100 years ago helped ignite a world war. Could it happen again?” from The Washington Post “The US is one of the least trade-oriented countries in the world – despite laying the groundwork for today's globalized system” from The Conversation Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Though cost cuts pursued by US President Donald Trump may be popular among many Americans, economists differ in their assessment of these measures' potential outcomes. Peterson Institute for International Economics senior fellow Joseph Gagnon tells host Steve Clemons that Trump's idea that tariffs on imported goods can replace taxes is unrealistic. The United States government is bloated and needs modernisation, Gagnon argues. But while measures including firing thousands of federal employees and gutting USAID can save billions, what impact could they have on the national economy and on the country's trillions of dollars in debt? Join the conversation on the long-term implications of Trump's “major reform” of the US government.

President Donald Trump may have hit pause on tariffs against Mexico and Canada, but his trade penalties on China are still in place. That includes a 10 percent tariffs on all Chinese imports, including consumer electronics and other tech products. On POLITICO Tech, host Steven Overly talks to Chad Bown, a senior fellow at the Peterson Institute for International Economics, about the implications for tech companies and online retailers in both the U.S. and China. Learn more about your ad choices. Visit megaphone.fm/adchoices

The U.S., Canada and Mexico all agreed to delay the start of new tariffs and hold off for now the possibility of a tariff war among traditional allies. But significant new tariffs are still expected to take effect on Chinese goods. For perspective on the impacts of the Trump administration's tariff policy, Geoff Bennett spoke with Mary Lovely of the Peterson Institute for International Economics. PBS News is supported by - https://www.pbs.org/newshour/about/funders

The U.S., Canada and Mexico all agreed to delay the start of new tariffs and hold off for now the possibility of a tariff war among traditional allies. But significant new tariffs are still expected to take effect on Chinese goods. For perspective on the impacts of the Trump administration's tariff policy, Geoff Bennett spoke with Mary Lovely of the Peterson Institute for International Economics. PBS News is supported by - https://www.pbs.org/newshour/about/funders

Jon Hartley and Douglas Irwin discuss Doug's career, the history of US trade policy, tariffs, globalization, the consumer and labor market effects of trade, the World Trade Organization, and industrial policy. Recorded on January 9, 2025. ABOUT THE SPEAKERS: Douglas Irwin is John French Professor of Economics at Dartmouth College. He is the author of Clashing over Commerce: A History of U.S. Trade Policy (University of Chicago Press, 2017), which The Economist and Foreign Affairs selected as one of their Best Books of the Year. He is president-elect of the Economic History Association (2022-23). He is the author of Free Trade Under Fire (Princeton University Press, fifth edition 2020), Trade Policy Disaster: Lessons from the 1930s (MIT Press, 2012), Peddling Protectionism: Smoot-Hawley and the Great Depression (Princeton University Press, 2011), The Genesis of the GATT (Cambridge University Press, 2008, co-authored with Petros Mavroidis and Alan Sykes), Against the Tide:  An Intellectual History of Free Trade (Princeton University Press, 1996), and many articles on trade policy and economic history in books and professional journals. He is a Research Associate of the National Bureau of Economic Research and a non-resident Senior Fellow at the Peterson Institute for International Economics. He worked on trade policy issues while on the staff of President Ronald Reagan's Council of Economic Advisers and later worked in the International Finance Division at the Board of Governors of the Federal Reserve System in Washington, D.C. Before joining Dartmouth, Irwin taught at the University of Chicago's Booth School of Business. Follow Douglas Irwin on X: @D_A_Irwin Jon Hartley is the host of the Capitalism and Freedom in the 21st Century Podcast at the Hoover Institution and an economics PhD Candidate at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently an Affiliated Scholar at the Mercatus Center, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), and a Senior Fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists, and serves as chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, IMF, Committee on Capital Markets Regulation, US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC, and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper. ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information, visit: capitalismandfreedom.substack.com/

January 24, 2025 - Join us for a discussion on the Trump Administration's economic security policy towards Asia with Navin Girishankar, president of the Economic Security and Technology Department at the Center for Strategic and International Studies (CSIS) and former Counselor to the U.S. Deputy Secretary of Commerce and Yeo Han-koo, former trade minister of the Republic of Korea and senior fellow at the Peterson Institute for International Economics. The moderator for the program is Korea Society president and CEO Tom Byrne. The discussion will cover US-China economic competition and its impact on Northeast Asian countries like Korea and Japan, plus: tariffs, international trade, and the impact on critical next generation technologies including semiconductors, EVs, and batteries.  For more information, please visit the link below: https://www.koreasociety.org/policy-and-corporate-programs/item/1949-what-to-expect-the-trump-administration-economic-security-policy-on-asia