Trump’s tariffs make no sense, and will backfire hard on the US economy
In what he called “Liberation Day”, Donald Trump imposed heavy tariffs on countries around the world, falsely claiming they were “reciprocal”. In reality, the taxes on imports were based on the US trade deficit with other nations. Ben Norton explains how the Trump administration’s economic policies are contradictory and will backfire hard on the US economy, fueling inflation while failing to re-industrialize. Topics 0:00 Trump imposes heavy tariffs 0:27 (CLIP) Trump’s “Liberation Day” 0:52 Trump’s global trade war 1:18 (CLIP) “Tariff is the most beautiful word” 1:41 New tariff rates 3:20 Backfiring 4:04 How the tariffs were calculated 7:08 Retaliation 8:45 Role of US dollar dominance 9:30 (CLIP) Trump on de-dollarization 9:48 (CLIP) Trump threatens BRICS 10:17 US balance of payments 12:37 Alternative to US dollar 13:14 Dumbest trade war in history 13:42 Reindustrialization 14:32 Financialization 17:53 Inflation 20:00 Coffee, fruit, & vegetables 22:06 Imports from China 24:02 Imports from Vietnam 25:26 Imports of electronics 27:51 Industrial policy 33:41 Moving tax burden from rich to poor 37:02 Outro Credit to : Geopolitical Economy Report
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