Economics professor emeritus and renowned political commentator Richard Wolff joins the show to turn a critical eye on Trump’s trade war with China. When we think about the U.S.’s unique position in the global economy in the age of Trump, we think about its power to cause harm — to threaten and cow other countries into submission by making them bend to economic pressure. As a nascent economic superpower, China isn’t bending. The 145% tariffs persist, as do China’s 125% tariffs on our goods, meaning a full-blown trade war is still unfolding. Trump is moving the goalposts as he says he claims he’s continuing to negotiate with the Chinese, wavering on the strength of the tariffs he’s projecting into the future.
It’s because he knows that the tariffs are not popular and not working. Dr. Wolff walks us through the tariffs’ reception and effects, and it’s not a happy story, either for American consumers or for foreign governments. Increased inflation and job loss threaten working people in America as a result of the tariffs, and they’re sure not to help Trump curry favor with the working class. Globally, Dr. Wolff also shows how other countries cutting or reducing economic ties with the U.S. to lessen the impact of U.S. tariffs on the global economy will result in increased isolation for the U.S. as China continues to grow its power.
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