Trump. Has he lost his mind?
There are examples from history where a US president has tried to impose hefty tariffs, and lost. How long before Trump follows the same path?
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
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Show Notes
It’s clear that President Trump lied to the American people about his reciprocal tariffs. Many of the countries he is imposing tariffs do not impose anywhere near those numbers on imports from America. As Phil points out, some countries, like Cambodia, that sell cheap goods to the US don’t buy from the US because they can’t afford to on their low wages. You can only have trade equalisation if you have similar income levels.
Steve takes us through the formula that was sued to calculate these ‘reciprocal’ tariffs. The only resolution to the issue, says Steve, is a new currency for international trade. An idea the Americans knocked back at Bretton Woods.
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