Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Tad de Haven joins US a trade and budget policy
analyst at the Cato Institute. I thought it was very
interesting that Andrew Ross Sorkin, who does a lot of
reporting for CNBC on business, managed to walk back his
comments about President Trump's tariffs. He liked many other financial journalists,
especially those who tend to skew to the left. We're
(00:21):
all talking about how inflationary it was going to be,
and how this wasn't going to work, and how outrageous
some of the tariffs were and etc.
Speaker 3 (00:28):
Etc.
Speaker 1 (00:29):
And now, as it turns out, it's worked pretty well,
hasn't it at this point?
Speaker 3 (00:36):
No, it hasn't worked.
Speaker 1 (00:38):
You disagree, Okay.
Speaker 2 (00:40):
I disagree, And just so your listeners understand, I am nonpartisan.
My jobs to call balls and strikes, and if you
ask me about Joe Biden's policies, I couldn't tell you
one single thing the man did that I agreed with.
So that's where I'm coming from on this. It's a
little bit early to be calling victories on the tariff thing,
(01:01):
because it's still working.
Speaker 3 (01:02):
Its way through the economy, and.
Speaker 2 (01:06):
We do have data that shows prices increasing, and that's
contrary to what Donald Trump promised when he said prices
are going to drop like you've never seen when I
come back to office.
Speaker 3 (01:17):
Well that's not the case. If you bought coffee in the.
Speaker 2 (01:20):
Last couple of months, you certainly know that prices aren't
coming down. That being said, you can always find some
economists to come out with really poor takes that these
terrorifts are going to cause a depression and all this,
and it doesn't happen. But at the same time, Donald
Trump just appointed a PhD economists at the head of BLS,
(01:41):
the Bureau of Labor and Statistics, and he was so
bad even a new to Republican Congress wouldn't pass him.
So at a very fundamental level, economists look at the
data and just like the corporate income tax, where Republicans
for years made the point that the burden of the
corporate income tax is ultimately felt by a combination of consumers, employers,
and reduced wages and lower income retained earnings for the
(02:05):
company that they used to invest and grow.
Speaker 3 (02:07):
It's the same thing with the tariff.
Speaker 2 (02:09):
And so initially you saw a lot of companies eating
the tariffs, maybe about fifteen to twenty percent of the country.
The exporter was eating the tariffs, and a big reason
why the companies initially ate them to a large degree
was because they know consumers are already sick and tired
of the high prices and the inflation that they experienced
(02:29):
under the Biden administration.
Speaker 1 (02:31):
Part of the gold though. Part of the gold though
was also to bring Johns back to the United States
and to start producing some of the things back here
in the US which we were told could never possibly happen.
And a lot of that is culturing. A lot of
that is happening.
Speaker 2 (02:43):
Manufacturing employments down, so it manufacturing employments actually dropped since
Donald Trump came back into office. And so look taxes,
whether it's the income tax and a import tax, corporate
income tax, there's no free lunch. Somebody has to pay it, uh,
and somebody is paying it. And there's a lot of uncertainty.
(03:07):
And also there's a reason why Donald Trump has imposed
tariffs and then walked back or made exceptions for a
lot of them.
Speaker 3 (03:15):
It's because the feedback and damage is being done well.
Speaker 1 (03:19):
Knowing knowing the quote unquote art of the deal though,
and this part of a negotiation tactic that he's using
to to try to at least level the playing field
when it comes to trade in tariffs.
Speaker 3 (03:28):
But but that wasn't even true either.
Speaker 2 (03:30):
If you look in terms of the countries that they've
got the reciprocal tariffs, most of them, we had good
trade balance surpluses with UH And also it's simply not
true that we were paying to take advantage of that,
that that they had much higher burdens.
Speaker 3 (03:49):
The United States is.
Speaker 2 (03:50):
Until Trump sort of in the middle of the pack
in terms of countries and their their tariff rates and
their their trade protectionism. So none of that's even true.
I mean, we're all paying higher prices for coffee in
large part because of fifty percent tariffs on Brazil. Brazil,
we have a good trade surplus with and the reason
when the President put the fifty percent tariffs on Brazil
(04:12):
it was he was unhappy with the way Brazil's treating
their former political leader. Now, how that's good economic policy,
I'd love for somebody to.
Speaker 3 (04:22):
Explain to me.
Speaker 1 (04:23):
All right, well, if to leave it to that, because
I'm out of time, but thanks for your time. That
is trade budget policy analysted at the Cato Institute Tad
de Haven
Tad de Haven joins US a trade and budget policy
analyst at the Cato Institute. I thought it was very
interesting that Andrew Ross Sorkin, who does a lot of
reporting for CNBC on business, managed to walk back his
comments about President Trump's tariffs. He liked many other financial journalists,
especially those who tend to skew to the left. We're
(00:21):
all talking about how inflationary it was going to be,
and how this wasn't going to work, and how outrageous
some of the tariffs were and etc.
Speaker 3 (00:28):
Etc.
Speaker 1 (00:29):
And now, as it turns out, it's worked pretty well,
hasn't it at this point?
Speaker 3 (00:36):
No, it hasn't worked.
Speaker 1 (00:38):
You disagree, Okay.
Speaker 2 (00:40):
I disagree, And just so your listeners understand, I am nonpartisan.
My jobs to call balls and strikes, and if you
ask me about Joe Biden's policies, I couldn't tell you
one single thing the man did that I agreed with.
So that's where I'm coming from on this. It's a
little bit early to be calling victories on the tariff thing,
(01:01):
because it's still working.
Speaker 3 (01:02):
Its way through the economy, and.
Speaker 2 (01:06):
We do have data that shows prices increasing, and that's
contrary to what Donald Trump promised when he said prices
are going to drop like you've never seen when I
come back to office.
Speaker 3 (01:17):
Well that's not the case. If you bought coffee in the.
Speaker 2 (01:20):
Last couple of months, you certainly know that prices aren't
coming down. That being said, you can always find some
economists to come out with really poor takes that these
terrorifts are going to cause a depression and all this,
and it doesn't happen. But at the same time, Donald
Trump just appointed a PhD economists at the head of BLS,
(01:41):
the Bureau of Labor and Statistics, and he was so
bad even a new to Republican Congress wouldn't pass him.
So at a very fundamental level, economists look at the
data and just like the corporate income tax, where Republicans
for years made the point that the burden of the
corporate income tax is ultimately felt by a combination of consumers, employers,
and reduced wages and lower income retained earnings for the
(02:05):
company that they used to invest and grow.
Speaker 3 (02:07):
It's the same thing with the tariff.
Speaker 2 (02:09):
And so initially you saw a lot of companies eating
the tariffs, maybe about fifteen to twenty percent of the country.
The exporter was eating the tariffs, and a big reason
why the companies initially ate them to a large degree
was because they know consumers are already sick and tired
of the high prices and the inflation that they experienced
(02:29):
under the Biden administration.
Speaker 1 (02:31):
Part of the gold though. Part of the gold though
was also to bring Johns back to the United States
and to start producing some of the things back here
in the US which we were told could never possibly happen.
And a lot of that is culturing. A lot of
that is happening.
Speaker 2 (02:43):
Manufacturing employments down, so it manufacturing employments actually dropped since
Donald Trump came back into office. And so look taxes,
whether it's the income tax and a import tax, corporate
income tax, there's no free lunch. Somebody has to pay it, uh,
and somebody is paying it. And there's a lot of uncertainty.
(03:07):
And also there's a reason why Donald Trump has imposed
tariffs and then walked back or made exceptions for a
lot of them.
Speaker 3 (03:15):
It's because the feedback and damage is being done well.
Speaker 1 (03:19):
Knowing knowing the quote unquote art of the deal though,
and this part of a negotiation tactic that he's using
to to try to at least level the playing field
when it comes to trade in tariffs.
Speaker 3 (03:28):
But but that wasn't even true either.
Speaker 2 (03:30):
If you look in terms of the countries that they've
got the reciprocal tariffs, most of them, we had good
trade balance surpluses with UH And also it's simply not
true that we were paying to take advantage of that,
that that they had much higher burdens.
Speaker 3 (03:49):
The United States is.
Speaker 2 (03:50):
Until Trump sort of in the middle of the pack
in terms of countries and their their tariff rates and
their their trade protectionism. So none of that's even true.
I mean, we're all paying higher prices for coffee in
large part because of fifty percent tariffs on Brazil. Brazil,
we have a good trade surplus with and the reason
when the President put the fifty percent tariffs on Brazil
(04:12):
it was he was unhappy with the way Brazil's treating
their former political leader. Now, how that's good economic policy,
I'd love for somebody to.
Speaker 3 (04:22):
Explain to me.
Speaker 1 (04:23):
All right, well, if to leave it to that, because
I'm out of time, but thanks for your time. That
is trade budget policy analysted at the Cato Institute Tad
de Haven
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