Trumponomics

Hosts Allegra Statton and Adrian Wooldridge discuss Donald Trump’s decisive election win. They question what Trump’s win can tell us about the US electorate, whether the rules of the game have changed in relation to US democracy and how Trump’s foreign policy could influence international relations.This episode also features the quick reaction installment of Bloomberg’s Big Take podcast. Big Take hosts Sarah Holder and Bloomberg's Wendy Benjaminson break down how election day played out and get reactions from around the world. Big Take is a daily podcast from Bloomberg News, which brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world.See omnystudio.com/listener for privacy information.

Be in the know this election with Bloomberg Podcasts. Follow Bloomberg News Now for up-to-the minute election results, all night long. And go deeper with The Big Take podcast, featuring in-depth global analysis of the US election every day this week. See omnystudio.com/listener for privacy information.

On this week’s episode of Voternomics, hosts Allegra Stratton and Stephanie Flanders discuss decisions by US executives not to endorse either Vice President Kamala Harris or Donald Trump in the presidential election. From Warren Buffet to the Jeff Bezos-owned Washington Post, Charles Elson, founding director of the Weinberg Center for Corporate Governance, argues such displays of impartiality are a “return to the tradition.” Bloomberg Businessweek senior writer and Elon, Inc. podcast contributor Max Chafkin also joins this episode to explain Elon Musk’s devotion to Trump and the potential consequences for his company and the country. What is Tesla set to win or lose in this election? And will Musk be given a government role by Trump should he win? See omnystudio.com/listener for privacy information.

On this episode of Voternomics, we discuss former US President Donald Trump’s self-proclaimed favorite word: tariffs. While mainstream economists warn that hiking taxes on certain imports is bad for business, not everyone appears to be of the same mind. That became evident last week during Bloomberg News Editor-in-Chief John Micklethwait’s interview of Trump before the Economic Club of Chicago. The crowd’s enthusiastic reaction to the Republican presidential candidate’s talk of tariffs suggested that many of America’s Midwest businesspeople might take a different view. Hosts Stephanie Flanders, Adrian Wooldridge and Allegra Stratton discuss the roots of Trump’s love of tariffs with Micklethwait himself and consider whether an “America First” approach could win short-term gains for some parts of the US economy, even if it undermines global trade and weakens America’s global standing in the long-term. See omnystudio.com/listener for privacy information.

Stephanie, Allegra and Adrian are joined by reporter Ailbhe Rea to discuss Stephanie's exclusive interview with UK Prime Minister Keir Starmer at the International Investment Summit in London, and his pushback over capital gains taxes.See omnystudio.com/listener for privacy information.

This week we look at the economic toll the widening conflict is taking and how it could affect the political future of the region. Bloomberg reporter Sam Dagher joins from Dubai to discuss the dilemma facing Arab governments. Also on the episode is Eugene Kandel, a former adviser to Netanyahu who joins from Jerusalem to discuss the economic cost the continuing war is having for Israel.See omnystudio.com/listener for privacy information.

This week, we bring you highlights from Stephanie's conversation with French President Emmanuel Macron at the Berlin Global Dialogue. He defends his decision to call for a snap election, and he issues a stark warning for the EU: a lack of investment and too much regulation will make the bloc unable to compete with the US and China. Berlin Global Dialogue Chair Lars-Hendrik Röller, chief economic advisor to former German Chancellor Angela Merkel, also appears on the panel. See omnystudio.com/listener for privacy information.

Centrist politics is doing it wrong, Michael Ignatieff says. He would know: In 2011 he led Canada's Liberal Party to a historic defeat -- a "painful" experience he discusses with hosts Allegra Stratton and Adrian Wooldridge. Now a professor of history and a former president of the Central European University, Ignatieff reflects on what he did wrong, including failing to respond to the 2008 financial crisis. See omnystudio.com/listener for privacy information.

Ralph Schlosstein, chairman emeritus of Evercore, joins to discuss what Harris and Trump administrations would mean for boardrooms.Plus, crypto reporter Emily Nicolle joins to discuss why former President Donald Trump seems to have had a change of heart on the digital currency he once denounced as a “scam.”See omnystudio.com/listener for privacy information.

Editor Katherine Griffiths and reporter Ben Stupples join hosts Francine Lacqua and Allegra Stratton to discuss the growing number of the UK's ultra-wealthy people considering an exit, what's driving them away and why the government should care.See omnystudio.com/listener for privacy information.

US Vice President Kamala Harris put Donald Trump on the defensive in their first and maybe only debate, baiting him about attendance at his campaign rallies and his 2020 election defeat. The former president took credit for ending federal abortion rights, declined to commit to vetoing legislation limiting reproductive freedoms or say if he wanted Ukraine to defeat Russia. Harris meanwhile focused on her economic agenda. Bloomberg Opinion Senior Executive Editor Tim O'Brien joins Voternomics hosts Stephanie Flanders, Allegra Stratton and Adrian Wooldridge as they react to the candidates' performances, unpick their policy positions and discuss whether the debate itself will move the needle for voters.See omnystudio.com/listener for privacy information.

On this special episode of Voternomics, we discuss whether moods are shifting around US Vice President Kamala Harris and UK Prime Minister Keir Starmer.Hosts Stephanie Flanders, Adrian Wooldridge and Allegra Stratton discuss with special guests Bloomberg Editor in Chief John Micklethwait and Senior Executive Editor of Bloomberg Opinion Tim O'Brien. The episode was recorded in front of an audience as part of an event co-hosted by Pi Capital. See omnystudio.com/listener for privacy information.

Voternomics fans, here's another podcast you might enjoy: In the City. It's hosted by Allegra, with Bloomberg TV's Francine Lacqua and head of media David Merrit and this week's episode looks at how an increasing number of US billionaires and multimillionaires relocating to the UK is changing the luxury landscape. Bloomberg housing reporter Damian Shepherd joins. Read more on the story here: https://www.bloomberg.com/news/articles/2024-08-23/london-luxury-property-market-eyes-americans-for-reboundSee omnystudio.com/listener for privacy information.

Former Trade Representative and Council on Foreign Relations President Michael Froman discusses what the world can expect from Kamala Harris or Donald Trump, and how Harris is breaking from Joe Biden. Hosted by Stephanie Flanders and Adrian Wooldridge. See omnystudio.com/listener for privacy information.

The positive vibes are flowing at the Democratic National Convention, but what about policy proposals? On this special episode of Voternomics, Bloomberg Senior Executive Editor for Economics Stephanie Flanders heads to Chicago to find out how—if at all—a Kamala Harris presidency would alter the US government’s approach to the economy. Flanders spoke with economist Heather Boushey, a member of President Joe Biden’s Council of Economic Advisors who has previously served as president and chief executive of the Washington Center for Equitable Growth. “What I see,” Boushey said, speaking in her personal capacity, “is the vice president putting together an agenda to make sure that the government is working to build the middle class, to make sure that prices are fair, to make sure that people have economic opportunities.”Boushey cited price gouging, taxes and housing as three areas where Harris has discussed her economic plans. “We’ve seen challenges in insufficient housing supply. We’ve seen that it just costs too much for families,” said Boushey, adding that Harris has unveiled policies that would increase housing. She also pointed to the vice president’s statements regarding a “robust plan” to expand the child tax credit. But how will Harris propose that Congress pay for these policies? “She is committed to making sure that we fix the tax system in the US so that it is more fair so that corporations pay their fair share,” Boushey said. About the series: Each week, listen in as Stephanie Flanders, Bloomberg’s head of government and economics coverage, Allegra Stratton, author of Bloomberg’s The Readout newsletter and Bloomberg Opinion columnist Adrian Wooldridge help make sense of the elections that will affect markets, countries and economies like never before. See omnystudio.com/listener for privacy information.

The rapid commercialization of space is launching the world into an “era of astropolitics,” journalist and author Tim Marshall tells host Allegra Stratton on this episode of Voternomics. Commercial companies are driving “Space Race 2.0,” from commercial fleets of satellites a few hundred miles above Earth to NASA’s search for private companies to bring back a piece of the moon. Ultimately, Marshall says, entities are eyeing the lucrative prospect of mining extraterrestrial objects for resources needed to provide renewable energy. “As a country or a company, you cannot afford not to be part of this.” See omnystudio.com/listener for privacy information.

Democratic powers in Europe, as well as Japan and Australia could be left out on a limb should Donald Trump win the US presidential election in November, cable news host and author Fareed Zakaria tells Adrian Wooldridge in this episode of Voternomics. He says the former president and convicted felon may opt for a policy of protectionism instead of America’s long-standing practice of internationalism—all as US political influence continues to wane. Zakaria, host of the CNN program GPS, contends the world is experiencing a backlash to globalization similar to one in the 1920s—as set out in his new book, Age of Revolutions, which makes Wooldridge’s summer reading list. This dynamic is made all the more stark by Trump’s transformation of the Republican Party into an anti-immigrant, trade-skeptic entity, he says. See omnystudio.com/listener for privacy information.

A network of dictators from China to Venezuela could be the beneficiaries of a welcoming White House should Donald Trump win the US election come November. That’s according to journalist and historian Anne Applebaum, who warns that the self-proclaimed dealmaker and convicted felon’s foreign policy may be more personal and even less predictable in a second term. Applebaum joins Voternomics host Stephanie Flanders to discuss her latest book Autocracy, Inc: The Dictators Who Want to Run The World. See omnystudio.com/listener for privacy information.

President Joe Biden announced Sunday he’s no longer seeking the Democratic Party’s nomination, saying his exit from the race was in the best interests of his party and the country. He then threw his support to his running mate, Vice President Kamala Harris. But is it as simple as that? Will Harris receive her party's nomination? Is she the best person the Democrat's have to take on Donald Trump? And does the market's mild response to the news suggest many think a Donald Trump victory is still the most likely outcome?Hosts Stephanie Flanders and Adrian Wooldridge explore those questions. Plus, we bring you an episode from our sister show the Big Take -- Gregory Korte and Laura Davison, who cover money and politics for Bloomberg, discuss Kamala Harris’s fundraising edge and how Democratic donors are reacting to the news. See omnystudio.com/listener for privacy information.

What could a second Donald Trump presidency look like, should he defeat US President Joe Biden in November, and how could the Republican’s policies shape markets and the world economy?We discuss with Elbridge Colby, a member of the first Trump administration and potential National Security Advisor if there’s a second one. Also on this episode, a conversation with Bloomberg political correspondent Nancy Cook, who joins from the Republican National Convention in Milwaukee. And finally, Bloomberg Editor in Chief John Micklethwait discusses his column on what lessons the Republicans could glean from the recent defeat of the Conservatives in the UK. See omnystudio.com/listener for privacy information.

From the Paris Bureau, host Stephanie Flanders speaks with Jean-Claude Trichet, former European Central Bank president and Bank of France governor, Bloomberg Opinion columnist Lionel Laurent, and Eleonora Mavroeidi, an economist for Bloomberg Economics, to debrief on the election results. "The worst has been avoided," says Trichet, but now France must embark on a "very complex maturing process."See omnystudio.com/listener for privacy information.

In a special edition of Voternomics, the former CEO of Legal & General Nigel Wilson urges the new UK government to be bold and act fast. He speaks with host Stephanie Flanders and Bloomberg Editor-in-Chief John Micklethwait.See omnystudio.com/listener for privacy information.

Abrdn Chairman Douglas Flint joins this week to explain why he thinks the new government needs to build up transportation and education. Senior reporter Phil Aldrick also joins to discuss the sort of economy Labour will inherit if it wins this week's election. Hosted by Stephanie Flanders, Adrian Wooldridge, and Allegra Stratton. See omnystudio.com/listener for privacy information.

On this special episode of Voternomics, Tim O’Brien, senior executive editor of Bloomberg Opinion and author of TrumpNation: The Art of Being the Donald, and Bloomberg Big Take podcast host, David Gura join host Stephanie Flanders to discuss the US presidential debate on Thursday night, including President Joe Biden’s poor performance, Donald Trump’s repeated falsehoods, the lack of fact-checking and how it all will shape the future of the race.See omnystudio.com/listener for privacy information.

On this episode of Voternomics, former UK diplomat Tom Fletcher discusses how the Labour Party leader’s first 30 days could define his premiership. Plus, reporter Ellen Milligan discusses her story on Labour’s position on Brexit. Hosted by Allegra Stratton and reporters Alex Wickham and Ailbhe Rae. See omnystudio.com/listener for privacy information.

“We, the left, have messed up,” said Yanis Varoufakis, the former Greek finance minister who came to fame negotiating on behalf of the Greek government during the country’s 2015 debt crisis. “We’ve tried, we’ve been tested and we failed our test.”Varoufakis joins this week’s Voternomics podcast, in which hosts Allegra Stratton, Stephanie Flanders and Adrian Wooldridge take a closer look at the rise of far-right populism in Europe and the retreat of left-wing progressivism. Francesco Giubilei, author of The History of European Conservative Thought and president of the conservative foundation Fondazione Tatarella, also joins this week’s episode to discuss the success of Italian Prime Minister Giorgia Meloni. See omnystudio.com/listener for privacy information.

It’s been a busy few days in the world of economics and politics. The big developments include UK Prime Minister Rishi Sunak’s damaging decision to skip a high-profile D-Day event, voters across Europe handing gains to right-wing parties and French President Emmanuel Macron’s surprise announcement of snap elections.All of this was discussed at a live taping of Voternomics before an audience at Bloomberg’s London offices. Hosts Allegra Stratton, Adrian Wooldridge and Stephanie Flanders were joined by Editor in Chief John Micklethwait, Washington Bureau Chief Peggy Collins and Bloomberg Television anchor Francine Lacqua. See omnystudio.com/listener for privacy information.

Europe cannot rely on America for its long-term security, says Robin Niblett, distinguished fellow and former director of Chatham House. On this episode of Voternomics, Niblettt—who conceives of a multi-decade “structural conflict” between China and the US—says Europe has experienced a “wake up call.” Plus, Stephanie, Allegra and Adrian discuss Brexit architect Nigel Farage's decision to run in the UK election and reporter Swati Gupta joins to break down the India election surprise. See omnystudio.com/listener for privacy information.

On this special Monday episode, White House national security adviser for economics Daleep Singh explains how America is seeking to maintain global influence. Bloomberg senior editor Ruchi Bhatia discusses the likely victory of Prime Minister Narendra Modi’s party in India’s election and what it means for the world’s fastest-growing major economy. And Stephanie and Allegra discuss the election results in South Africa and Mexico. See omnystudio.com/listener for privacy information.

For the past three decades, South African politics have been defined by the African National Congress. But with initial forecasts from the May 29 vote showing a marked decline in support for the ruling party, change looks likely. So what do the various potential outcomes mean for South Africa’s growth and debt outlook? For investor interest in the country? Bloomberg Opinion columnist Adrian Wooldridge and Senior Executive Editor Jacqueline Simmons review the landscape with Bloomberg economist Yvonne Mhango.See omnystudio.com/listener for privacy information.

Bad actors using machine-learning, generative artificial intelligence and the power of digital networks are seeding ever-more distrust in democracy, warns Audrey Tang, former digital affairs minister for Taiwan. Tang joins this week’s episode of Voternomics to discuss the risk of foreign interference in the many elections happening around the world, as well as lessons learned while combating efforts to distort the political debate in Taiwan. Plus, Bloomberg political correspondent Nancy Cook discusses the latest Bloomberg News/Morning Consult polling which reveals the unease voters feel around the US election—from misinformation to political violence and foreign interference.See omnystudio.com/listener for privacy information.

On this special edition of Voternomics, we discuss the possible reasoning behind the Conservative’s decision to gamble on an earlier-than-expected vote. See omnystudio.com/listener for privacy information.

Former Munich Security Conference Chair Wolfgang Ischinger joinsVoternomics to explain the new European project he says is needed. Plus, Bloomberg reporter Michael Nienaber discusses why German Chancellor Olaf Scholz’s popularity remains at historic lows while the far-right AfD party may see gains in the European parliament next month. See omnystudio.com/listener for privacy information.

Ben Page, chief executive of market research company Ipsos, joins Voternomics this week to outline what he’s discovered about voters and what they think about their politicians, governments and economies. He tells Stephanie Flanders and Allegra Stratton that trust in politics is the “lowest we’ve ever measured.” Also on this episode, Flanders, Stratton and Adrian Wooldridge ask Bloomberg Opinion columnist John Authers whether—given the question of when the Federal Reserve will cut interest rates between now and the election—the central bank can remain above the political fray.See omnystudio.com/listener for privacy information.

Karen Ward, J.P. Morgan Asset Management’s chief market strategist for EMEA, joins this week to explain why politicians are being punished for the sins of central banks. Ward, a former Bank of England economist and adviser to both UK Chancellors Philip Hammond and Jeremy Hunt, tells Stephanie Flanders, Allegra Stratton and Adrian Wooldridge about the damage done as a result of missteps when it comes to inflation. Plus, Bloomberg News editor Craig Trudell unpacks how Elon Musk is driving on both sides of the US-China relationship. See omnystudio.com/listener for privacy information.

Welcome to the first episode of Voternomics. On this podcast, Stephanie Flanders, Bloomberg’s head of government and economics coverage, Allegra Stratton, author of Bloomberg’s The Readout newsletter and Bloomberg Opinion columnist Adrian Wooldridge discuss how voters have the opportunity to affect markets, countries and economies like never before. Historian Niall Ferguson and Bloomberg Washington reporter Nancy Cook join our hosts to give their take on this unique moment in time. Ferguson explains why he believes the 2024 US presidential election isn’t about foreign policy, why Donald Trump is using his 2016 campaign strategy and why the second Cold War is escalating faster than the first. See omnystudio.com/listener for privacy information.

Stephanie is back with a new podcast series.This is the year of elections. Around 40 percent of the world has the chance to vote in 2024. And those votes will shape the geo-economic landscape for years to come.The implications for business and democracy are huge and worth exploring, which is why Stephanie is joining Opinion columnist Adrian Wooldridge and Bloomberg contributor and former government advisor Allegra Stratton for a new series called “Voternomics.”It’s a weekly look at the way geopolitics - and elections - are upending the longstanding assumptions of policymakers and business people around the world. In short, it’s a series about how elections mean business.Don’t miss the first episode coming this Friday. See omnystudio.com/listener for privacy information.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.See omnystudio.com/listener for privacy information.

The Deal, hosted by Alex Rodriguez and Jason Kelly, features intimate conversations with business titans, sports champions and game-changing entrepreneurs who reveal their investment philosophies, pivotal career moves and the ones that got away. From Bloomberg Podcasts and Bloomberg Originals, The Deal is available on Apple Podcasts, Spotify, iHeart, Bloomberg Carplay, or wherever you get your podcasts. You can also watch The Deal on Bloomberg Television, and Bloomberg Originals on YouTube.See omnystudio.com/listener for privacy information.

As you await the latest episode of Stephanomics, check out another podcast from our team here at Bloomberg: Daybreak Europe Edition. Every episode delivers the day's top stories, with context, in just 15 minutes. Available every morning by 7am GMT in your feed. Subscribe On AppleSubscribe On SpotifySubscribe On Youtube Subscribe On Podcast Addict Subscribe On AudibleSee omnystudio.com/listener for privacy information.

Bloomberg News Now is a comprehensive audio report on today's top stories. Listen for the latest news, whenever you want it, covering global business stories around the world. on Apple: trib.al/Mx9TCh1 on Spotify: trib.al/T4BG8s4 Anywhere: trib.al/O4EX6BASee omnystudio.com/listener for privacy information.

At Bloomberg, we’re always talking about the biggest business stories, and no one is bigger than Elon Musk. In this new chat weekly show, host David Papadopoulos and a panel of guests including Businessweek’s Max Chafkin, Tesla reporter Dana Hull, Big Tech editor Sarah Frier, and more, will break down the most important stories on Musk and his empire. Listen wherever you get your podcasts.See omnystudio.com/listener for privacy information.

Seventeen months after Russia invaded Ukraine, millions of Ukrainians remain scattered around the world, with no end to the war in sight. Many of those who fled are women and children. Unless they return when the fighting is over, some of the damage inflicted on their country's economy may become permanent. On this season’s final episode of Stephanomics, Kyiv bureau chief Daryna Krasnolutska explains why women are so critical to Ukraine’s recovery. Most men age 18-60 aren’t allowed to leave the country, which explains why 68% of Ukrainian refugees are women. Of them, some 2.8 million are working-age. Host Stephanie Flanders talks with Bloomberg Economist Alexander Isakov, who estimates that Ukraine’s economy would lose $20 billion a year, or about 10% of its pre-war GDP, should none of them return. The government, which says it needs 4.5 million workers to achieve its reconstruction goals, is working on incentives, including narrowing the gender pay gap, to lure them back. Flanders also chats with Marta Foresti, a senior fellow from the Overseas Development Institute in London, who discusses the importance of refugees (especially women) to their home economies, as well as her experience of working with returnees to Sierra Leone after its decade-long civil war.See omnystudio.com/listener for privacy information.

The green minerals boom has triggered a new scramble for natural resources across the developing world. From Southeast Asia to Africa, countries rich with raw materials necessary for things like electric vehicle batteries are trying to capitalize on it without falling victim to the “resource curse.” There’s a long and inglorious history of commodity-rich economies failing to get rich from their natural wealth. The money pours in from industrialized nations when global demand is high, but when boom turns to bust, they often end up worse than neighboring economies not similarly “blessed.” Those nations are hoping this time could be different. On this episode of Stephanomics, reporter Claire Jiao hears how Indonesia, home to a large chunk of the world’s nickel, has led the way by banning the export of processed forms of the metal so vital to the production of EVs. The idea is that instead of exporting its enormous reserves of raw nickel and bauxite, it can turn them into EV batteries, or even EVs themselves, for shipping abroad, thereby kickstarting local manufacturing. So far, it seems to be working. Host Stephanie Flanders then sits down with Jim Cust, senior economist for Africa at the World Bank, and senior reporter Jack Farchy to discuss whether Indonesia has set an example African nations could follow as they look to partake in this new gold rush, and whether pulling it off to the scale will be the exception or the rule.See omnystudio.com/listener for privacy information.

People in China are blocked from seeing much of what’s happening in the outside world. For outsiders, it can be just as difficult to see in. This week, Stephanie interviews Keyu Jin, professor at the London School of Economics and author of The New China Playbook. Jin discusses what she considers misunderstandings of China’s ambitions and goals in the world, and the risks that come with such views. She says that one of the biggest misconceptions is that China is trying to displace the US. What it’s really aiming for, Jin explains, is to improve living standards for its middle-income earners. She also discusses the current state of China’s economy, its relations with the US and Europe and the skills gap contributing to high youth unemployment. Within China, there’s widespread gratitude and deference toward the government, something outsiders often find surprising, Jin says. But she warns this could change if slower economic growth translates into fewer high-quality jobs.See omnystudio.com/listener for privacy information.

Covid-19 was supposed to mean the end of the city as we know it. Buzzing urban centers would give way to boarded-up ghost towns as white-collar employees worked from home in perpetuity. Now, two months after the pandemic’s end, it’s clear that dystopian vision won’t come to pass. But among the best-known cities, winners and losers are emerging. Some have people and riches flowing in while others struggle to recover. On this week’s episode of Stephanomics, we start off in Dubai, a popular destination for wealthy Russians who fled when Vladimir Putin launched his war on Ukraine. Bloomberg Television anchor Manus Cranny tells host Stephanie Flanders about the city’s massive increases in rent, and in particular his own experience. It’s a similar story in Singapore, says Bloomberg Senior Reporter Michelle Jamrisko. As Xi Jinping pushes his “common prosperity” mandate at home, the richest Chinese are looking to protect their assets by pouring money into the city-state. The influx of wealth has in turn turbocharged rents and restaurant prices, all at the expense of a shrinking middle class. When it comes to the losers in this post-pandemic shakeout, look no further than San Francisco. Once the glittering high-tech hotbed of wild wealth and exorbitant real estate, the outflow of people and money exacerbated by the recent tech downturn may have done irrevocable damage, says California Bureau Chief Karen Breslau. Flanders speaks with her and Bloomberg Opinion columnist Justin Fox about how San Francisco’s fate compares with other US cities, many of which are managing to climb back.See omnystudio.com/listener for privacy information.

The US economy has proven resilient after more than a year’s worth of interest-rate hikes, with a steady drumbeat of recession predictions having been proven wrong. New data released this week continued to point away from a downturn. Still, some forecasters warn a recession might still be coming, and that it could coincide with the 2024 presidential election. On this week’s episode, we look at how the current leading candidates for the White House are framing the economy. Bloomberg Senior Reporter Nancy Cook describes the challenge facing President Joe Biden: the economy has thrived on his watch, especially in terms of record low unemployment, but the overhang of persistent inflation weighs heavy on voters’ minds. Meantime, Florida Governor Ron DeSantis and former President Donald Trump haven’t put forward any economic plans and have largely focused on divisive social issues and the threats posed by China. Then Stephanie sits down with Michael Strain, director of economic policy studies at the American Enterprise Institute, a right-leaning think tank, and Bloomberg economist Anna Wong. They discuss how the US economy will evolve leading up to the 2024 vote, and how important it might be in deciding the election. Wong says that, while Biden’s signature economic legislation—the Inflation Reduction Act, the CHIPS and Science Act, and the Bipartisan Infrastructure Law—are investments that will play out in the long term, short-term costs of higher inflation and recession risks may offset the benefits, and even outweigh them.See omnystudio.com/listener for privacy information.

Climate change is fast transforming the planet. Global warming is fueling drought, massive wildfires, rising sea levels and stronger hurricanes. Now scientists and economists are worried about another knock-on effect: faster inflation. On this episode of Stephanomics, we hear from reporter Laura Curtis, who explains how drought has lowered the water level of a lake feeding the Panama Canal, which could in turn boost shipping costs. A similar phenomenon is already playing out in Europe, where low water levels in the Rhine River are making it more expensive to transport key commodities across the continent. Then host Stephanie Flanders chats with Deutsche Bank macro strategist Henry Allen and Bloomberg economist Bhargavi Sakthivel about the economic impacts of El Nino, a period of unusually warm water in the Pacific Ocean. The system, which scientists say is becoming more frequent and intense thanks to global warming, is already placing upward pressure on prices of agricultural goods like coffee and sugar. That could lead to higher inflation and lower growth in several countries in the tropics and southern hemisphere.See omnystudio.com/listener for privacy information.

Globalization was once the watchword of Washington. Bill Clinton made it a centerpiece of his economic policy, from the North American Free Trade Agreement to ushering China into the World Trade Organization. But two decades later, America has become increasingly protectionist, pushing strategic industrial policies and trade barriers. Just the other day, National Security Adviser Jake Sullivan turned heads when he said "the postulate that deep trade liberalization would help America export goods, not jobs and capacity, was a promise made and not kept." Indeed, the Biden Administration has been touting a new kind of trade policy, one known as "friend-shoring." It encourages friendly nations and their companies to shift manufacturing away from geopolitical rivals like China and toward allies. On this episode, Stephanie speaks with Mike Froman, who served as the US Trade Representative under President Barack Obama, about how trade policy has evolved since his administration and where it's heading. We also sit down with Senior Editor Brendan Murray, who takes us to Morocco, a country where globalization still holds sway. There, companies from China and Russia are manufacturing auto parts and sending them around the world.See omnystudio.com/listener for privacy information.

Joe Biden, like so many other presidents before him, put America’s re-industrialization at the center of his campaign for the White House. And like his predecessors, he’s found that the “Made in America” label remains hard to find. Indeed, more countries are trying to cut their reliance on imports from China, the global giant of manufacturing, citing everything from geopolitical tensions to human rights abuses and supply-chain snarls. But the reality is they still can’t seem to break away from the “world’s factory floor.” And when they try, it doesn’t work out well. On this episode we take you around the world to see what’s standing in their way. Bloomberg reporter Jeannette Neumann tours clothing factories in Los Angeles, the heart of America’s apparel industry, and struggles to find tags that don’t say “Made in China.” In India, Bloomberg editor Ruchi Bhatia and reporter Vrishti Beniwal explore toy stores in New Delhi, and find the selection lacking thanks to Prime Minister Narendra Modi’s effort to cut out goods from his neighbor to the north. Finally, we have more from Milken Institute Chief Economist William Lee and his chat with host Stephanie Flanders. They discuss how realistic it really is for companies to even try to diversify their supply chains beyond China.See omnystudio.com/listener for privacy information.