August 1, 2025 • 6 mins
This Friday, John Cochrane shares a list of questions he has for the next chair of the Federal Reserve; David Henderson analyzes how Trump’s tariff policy program is playing out; and Peter Robinson discusses the complex legacy of Woodrow Wilson with historian and public servant Christopher Cox.
Hoover Daily Report | August 1, 2025
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Episode Transcript
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>> Speaker 1 (00:00):
Welcome to the Hoover Daily Report.
Ideas Advancing Freedom It's Friday,August 1, 2025.
>> Speaker 2 (00:07):
This Friday, John Cochran shares a list of questions he has for
the next chair of the Federal Reserve.
David Henderson analyzes how Trump'stariff policy program is playing out and
Peter Robinson discusses the complexlegacy of Woodrow Wilson with historian
and public servant Christopher Cox.
>> Speaker 1 (00:23):
A few questions for Aspiring Federal Reserve Chiefs Writing at
the Wall Street Journal,senior fellow John H.
Cochran proposes a list ofquestions to which, quote,
a wise Fed chair will need answers.
Noting that his list of queries is onlythe tip of the iceberg, Cochran argues
that Congress and the media should askpotential Fed chiefs about inflation rate
(00:44):
targets and price stability,employment goals, quantitative easing and
interest rates, and the propriety ofpolicy coordination with the US Treasury.
Cochran also thinks it would be valuableto know where the next Fed chair
stands on buying mortgage backedsecurities, ending bailouts,
managing financial sector risks andreforms to treasury markets.
(01:04):
In Cochran's view, the next head ofthe Federal Reserve should have compelling
answers to these questions because the,quote,
financial and monetary system haveevolved past the current Fed.
>> Speaker 2 (01:14):
The Art of the Bad.
At Defining Ideas Research fellow David R.
Henderson checks in on the impacts ofthe Trump administration's tariff policy.
He argues, quote, we seem to be headedto a world in which our tariff rates
are a multiple of what they werebefore Trump began his second term.
He also asks, is there any way to bail outTrump's belief that higher US Tariffs on
(01:35):
imports are a win for the United States?
Henderson pushes back on the claim thattariffs are a necessary response to other
countries subsidizing the productionof cheap goods that US Producers can't
compete with,saying that foreign subsidies actually
benefit US Consumers even as they reducethe welfare of citizens in subsidies.
Subsidizing States Reviewing the patternof US Trade negotiations over tariffs in
(01:59):
recent months, Henderson finds, quote,president Trump seems to see it as
a victory when he gets other countriesgovernments to cut their tariff rates on
our exports, but he maintains hightariff rates on U.S. imports.
>> Speaker 1 (02:13):
TRUMP Trade Deadline to Hit Friday Ahead of a Friday deadline for
imposing additional tariffs set by theTrump administration Research fellow Lan
he Jae Chen joined Bloomberg's Balanceof Power to discuss the administration's
trade policy negotiation tactics.
I think that we have to hold allof these deadlines very loosely.
The reality is the president is not immuneto what the markets are telling him about
(02:35):
how people feel about the impactof tariffs, said Chen.
Chen suggested that other nations mayend up with a Mexico style reprieve from
tariffs should they indicatea willingness to strike a trade deal but
request more time to do so.
Moreover, he argued that Trump hasintroduced a new baseline for tariff rates
headed into August negotiations, markinga significant shift in US Trade policy.
(02:59):
Chen also provides his analysis of some ofthe competing influences on the president
in the realm of trade policy, noting thelingering uncertainty of which camps in
the administration will havethe greatest influence on trade policy.
>> Speaker 2 (03:13):
The Light Withdrawn Christopher Cox on how Woodrow Wilson
shaped and undermined American democracyWas Woodrow Wilson a visionary statesman
or a reactionary bigot foruncommon knowledge?
Distinguished Policy Fellow Peter M.
Robinson sits down with historian andformer securities and
Exchange Commission Chairman ChristopherCox to discuss his latest book,
(03:35):
Woodrow the Light Withdrawn,
a meticulously researched biography ofthe 28th President of the United States.
Together they exploreWilson's complicated legacy,
his towering achievements asa reformer and wartime leader,
and his deeply troubling record on race,gender and civil rights.
From his opposition to women's suffrageand his resegregation of the federal
(03:57):
government to his embrace ofthe film the Birth of a Nation,
Cox reveals howWilson's Southern upbringing and
elitist worldview shaped both hispresidency and progressivism itself.
This conversation offers a soberingreappraisal of one of America's most
consequential and controversial leaders,and asks what it means to judge historical
figures by the standards ofboth their time and and ours.
>> Speaker 1 (04:19):
Hoover National Security Affairs Fellows bridge
Civil Military Divide for Next generationat Stanford after years of leading
Hoover's Robert and Marion Oster NationalSecurity Affairs Fellows or NSAF Program,
where serving US Military, lawenforcement, diplomatic and intelligence
professionals spend a year in fellowshipat Hoover Senior Fellow Amy Zegart saw
(04:41):
an opportunity to get Stanfordundergraduate students involved.
I remember a couple years ago one of ourfellows came and he told me this was
the very first time he had ever setfoot on a civilian university campus,
zegart said of whatinspired the NSAF program.
It really spoke to how unusual thisexperience was, and so I wanted these two
(05:01):
communities who don't usually interactwith each other to understand one another.
Out of the wider NSAF program came
the National Security AffairsFellows Mentorship Program.
The program selects approximately 30students with a range of backgrounds and
viewpoints, and each NSAF is pairedwith two to three students for
the full academic year.
Under the guidance of Zegart, the fullcohort of NSAFs teach an undergraduate
(05:26):
seminar to the students that meets everyother week, and participating undergrads
write quarterly reflection papers abouttheir experiences in the program.
In an introduction toa new video series on
the National Security AffairsFellows Mentorship Program,
Zegart describes her vision forthe program as fostering meaningful
discussions on national security, forgingcivilian military relationships, and
(05:49):
developing leadership from both Stanfordstudents and their NSAF mentors.
Watch the full serieson hoover.org featured.
>> Speaker 2 (05:57):
Research initiative Renewing Indigenous Economies Project
the Hoover Project on Renewing IndigenousEconomies is dedicated to understanding
how the rich history of governance,entrepreneurship, and
trade allowed indigenous peoplesto thrive before colonization and
how restoring these traditions can helprebuild indigenous economies, cultures,
(06:17):
and communities from the ground up.
>> Speaker 1 (06:19):
That's your Hoover Daily report for Friday, August 1, 2025.
Each weekday we bring you research,analysis and commentary focused on public
policy, national security, and the ideasshaping American society and government.
The Hoover Institution at StanfordUniversity is grounded in constitutional
principles with a commitment tosustaining the safeguards of the American
(06:41):
way of life.
Thank you for listening.
For links to all the articles andinterviews mentioned today,
visit Hoover.org HDR.
Welcome to the Hoover Daily Report.
Ideas Advancing Freedom It's Friday,August 1, 2025.
>> Speaker 2 (00:07):
This Friday, John Cochran shares a list of questions he has for
the next chair of the Federal Reserve.
David Henderson analyzes how Trump'stariff policy program is playing out and
Peter Robinson discusses the complexlegacy of Woodrow Wilson with historian
and public servant Christopher Cox.
>> Speaker 1 (00:23):
A few questions for Aspiring Federal Reserve Chiefs Writing at
the Wall Street Journal,senior fellow John H.
Cochran proposes a list ofquestions to which, quote,
a wise Fed chair will need answers.
Noting that his list of queries is onlythe tip of the iceberg, Cochran argues
that Congress and the media should askpotential Fed chiefs about inflation rate
(00:44):
targets and price stability,employment goals, quantitative easing and
interest rates, and the propriety ofpolicy coordination with the US Treasury.
Cochran also thinks it would be valuableto know where the next Fed chair
stands on buying mortgage backedsecurities, ending bailouts,
managing financial sector risks andreforms to treasury markets.
(01:04):
In Cochran's view, the next head ofthe Federal Reserve should have compelling
answers to these questions because the,quote,
financial and monetary system haveevolved past the current Fed.
>> Speaker 2 (01:14):
The Art of the Bad.
At Defining Ideas Research fellow David R.
Henderson checks in on the impacts ofthe Trump administration's tariff policy.
He argues, quote, we seem to be headedto a world in which our tariff rates
are a multiple of what they werebefore Trump began his second term.
He also asks, is there any way to bail outTrump's belief that higher US Tariffs on
(01:35):
imports are a win for the United States?
Henderson pushes back on the claim thattariffs are a necessary response to other
countries subsidizing the productionof cheap goods that US Producers can't
compete with,saying that foreign subsidies actually
benefit US Consumers even as they reducethe welfare of citizens in subsidies.
Subsidizing States Reviewing the patternof US Trade negotiations over tariffs in
(01:59):
recent months, Henderson finds, quote,president Trump seems to see it as
a victory when he gets other countriesgovernments to cut their tariff rates on
our exports, but he maintains hightariff rates on U.S. imports.
>> Speaker 1 (02:13):
TRUMP Trade Deadline to Hit Friday Ahead of a Friday deadline for
imposing additional tariffs set by theTrump administration Research fellow Lan
he Jae Chen joined Bloomberg's Balanceof Power to discuss the administration's
trade policy negotiation tactics.
I think that we have to hold allof these deadlines very loosely.
The reality is the president is not immuneto what the markets are telling him about
(02:35):
how people feel about the impactof tariffs, said Chen.
Chen suggested that other nations mayend up with a Mexico style reprieve from
tariffs should they indicatea willingness to strike a trade deal but
request more time to do so.
Moreover, he argued that Trump hasintroduced a new baseline for tariff rates
headed into August negotiations, markinga significant shift in US Trade policy.
(02:59):
Chen also provides his analysis of some ofthe competing influences on the president
in the realm of trade policy, noting thelingering uncertainty of which camps in
the administration will havethe greatest influence on trade policy.
>> Speaker 2 (03:13):
The Light Withdrawn Christopher Cox on how Woodrow Wilson
shaped and undermined American democracyWas Woodrow Wilson a visionary statesman
or a reactionary bigot foruncommon knowledge?
Distinguished Policy Fellow Peter M.
Robinson sits down with historian andformer securities and
Exchange Commission Chairman ChristopherCox to discuss his latest book,
(03:35):
Woodrow the Light Withdrawn,
a meticulously researched biography ofthe 28th President of the United States.
Together they exploreWilson's complicated legacy,
his towering achievements asa reformer and wartime leader,
and his deeply troubling record on race,gender and civil rights.
From his opposition to women's suffrageand his resegregation of the federal
(03:57):
government to his embrace ofthe film the Birth of a Nation,
Cox reveals howWilson's Southern upbringing and
elitist worldview shaped both hispresidency and progressivism itself.
This conversation offers a soberingreappraisal of one of America's most
consequential and controversial leaders,and asks what it means to judge historical
figures by the standards ofboth their time and and ours.
>> Speaker 1 (04:19):
Hoover National Security Affairs Fellows bridge
Civil Military Divide for Next generationat Stanford after years of leading
Hoover's Robert and Marion Oster NationalSecurity Affairs Fellows or NSAF Program,
where serving US Military, lawenforcement, diplomatic and intelligence
professionals spend a year in fellowshipat Hoover Senior Fellow Amy Zegart saw
(04:41):
an opportunity to get Stanfordundergraduate students involved.
I remember a couple years ago one of ourfellows came and he told me this was
the very first time he had ever setfoot on a civilian university campus,
zegart said of whatinspired the NSAF program.
It really spoke to how unusual thisexperience was, and so I wanted these two
(05:01):
communities who don't usually interactwith each other to understand one another.
Out of the wider NSAF program came
the National Security AffairsFellows Mentorship Program.
The program selects approximately 30students with a range of backgrounds and
viewpoints, and each NSAF is pairedwith two to three students for
the full academic year.
Under the guidance of Zegart, the fullcohort of NSAFs teach an undergraduate
(05:26):
seminar to the students that meets everyother week, and participating undergrads
write quarterly reflection papers abouttheir experiences in the program.
In an introduction toa new video series on
the National Security AffairsFellows Mentorship Program,
Zegart describes her vision forthe program as fostering meaningful
discussions on national security, forgingcivilian military relationships, and
(05:49):
developing leadership from both Stanfordstudents and their NSAF mentors.
Watch the full serieson hoover.org featured.
>> Speaker 2 (05:57):
Research initiative Renewing Indigenous Economies Project
the Hoover Project on Renewing IndigenousEconomies is dedicated to understanding
how the rich history of governance,entrepreneurship, and
trade allowed indigenous peoplesto thrive before colonization and
how restoring these traditions can helprebuild indigenous economies, cultures,
(06:17):
and communities from the ground up.
>> Speaker 1 (06:19):
That's your Hoover Daily report for Friday, August 1, 2025.
Each weekday we bring you research,analysis and commentary focused on public
policy, national security, and the ideasshaping American society and government.
The Hoover Institution at StanfordUniversity is grounded in constitutional
principles with a commitment tosustaining the safeguards of the American
(06:41):
way of life.
Thank you for listening.
For links to all the articles andinterviews mentioned today,
visit Hoover.org HDR.
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