Brad Setser
speaker
466 appearances
2 recordings
1 series
first heard Nov 2024
last heard Apr 2025
Brad Setser’s voice in public audio — every appearance, attributed to the second.
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Appearances
And so you end up having heavy tariffs on countries that are just producing clothes which realistically won't be produced in the US.
So there's an element of pure pointlessness that comes out of this formula.
Now, I will say that there is some value in looking at bilateral trade patterns.
I mean, I've certainly learned a lot from trying to understand why the US runs such a large deficit with Ireland.
I think the answer is not that Ireland is an unfair trader.
I think the answer is we have a tax policy that incentivized American companies to produce in Ireland to reduce their US tax rate.
From twenty one to ten and a half percent.
And so we some cases you can learn from the pattern of bilateral trade.
I certainly think you can learn something from looking at global trade surpluses, not bilateral trade surpluses.
And the global surplus is pointing to a problem with China.
And China really has been growing on the back of net exports for the last four or five years.
China's trade surplus with the world really is big.
And in a sense, the bilateral deficit with China now understates our reliance on Chinese supply because of all this.
Well, yeah.
But just using this simple formula produced some obviously absurd results.
And you know it was done late at night because we ended up tariffing islands that only produce penguins.
Well, there long pause is a path to de escalation.
The path to de escalation is one where
You know, in some sense, the Trump administration decides not to make history.
Joe's going to be a bit bored.
Showing 81–100 of 466 · page 5 of 24
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