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April 24, 2025 40 mins

China and the United States are locked in an unprecedented trade war, with each imposing tariffs of more than 100% on the other’s imports. On this episode of WashingtonWise, host Mike Townsend is joined by Jeffrey Kleintop, Schwab’s chief global investment strategist, for an in-depth discussion of the trade war’s implications for investors, companies, consumers, and the economies of both countries. They discuss which parts of the U.S. economy are likely to be most affected, how quickly companies can relocate production and supply lines, and whether the goal of moving manufacturing back to the United States is achievable. They also touch on how China is avoiding tariffs, the implications for Taiwan’s critically important semiconductor production, and whether there is an endgame that allows both countries to declare victory. And Jeff shares his insights on where global investors can find opportunities.

Mike also provides updates on the challenges that await Congress as lawmakers move to the next stage of crafting a massive bill of tax cuts and spending cuts, the latest on the debt ceiling deadline, and the escalating tensions between President Trump and Federal Reserve Chair Jerome Powell over interest rates and economic policy.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

IMPORTANT DISCLOSURES:

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Past performance is no guarantee of future results, in and the opinions presented cannot be viewed as an indicator of future performance.

Investing involves risk, including loss of principal.

International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate these risks. 

​Commodity-related products carry a high level of risk and are not suitable for all investors. 

Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. 

​This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, Financial Planner, or Investment Manager.

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