Will the New Tariffs Tank the Economy?
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What triggered the recent stock market plunge?
It's in response to Trump's Liberation Day tariffs, sweeping international tariffs that I'm going to dig into today. Trump says these tariffs will be good for American workers, that it will bring manufacturing back home, lower the trade deficit and generate revenue. But will it?
How do tariffs affect global trade and inflation?
Because when you start digging into what happens after big tariffs hit, you start seeing phrases like supply chain shock, inflation spike, and my personal favorite, global trade war. Tariffs can be a double-edged sword. They're meant to protect domestic industry, but they can also hike prices for consumers. They can rattle markets, as we've seen. They can strain relationships with global trading partners, too. And while it's easy to say buy American, it's a lot harder to do when your grocery bill jumps and that iPhone you were planning to upgrade to suddenly costs 20% more. So today I'm going to ask the big question I think we all are thinking, will these tariffs help the U.S. economy or hurt the U.S. economy?
Will new tariffs help or hurt the U.S. economy?
And to help me unpack all of this, I'm joined by my friend, investor, author, money rehab alum, James Altucher. James argues that these tariffs might not be the inflation bomb people are afraid of, and that they could, in fact, create new leverage for the U.S. in future trade deals. I play devil's advocate, of course. And then James and I zoom out and talk about what these tariffs could mean for the stock market, for jobs, inflation, Bitcoin, and of course, the big one, a recession. James Altucher, welcome back to Money Rehab.
Nicole, so happy to be here. This reminds me of those 5 a.m. moments when you were hosting that 5 a.m. show on CNBC. And you would wake up for it. I would wake up. So I'd wake up at like 3.30. I lived an hour away. I would get over there. And I loved every minute of it. It was always such a pleasure hanging out with you on TV. Who knows if the three people that were listening really paid attention, but we had so much fun.
all of Europe was awake all of Asia was awake it was just the U.S. that was like getting up that's true yeah I should realize there's a there's a global world out there big bad world out there all of your adoring fans all over the world well we're talking on liberation day whoo how was your liberation day I you know I don't feel like it was any different than yesterday like I don't feel liberated do you feel liberated I I mean, I feel scared. I actually, can we look at our portfolios for a second today? What is your portfolio down today? You know, I tell people like don't mourn paper losses, but I do still.
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Chapters
7 chapters
1
What triggered the recent stock market plunge?
1:37–1:52
2
How do tariffs affect global trade and inflation?
1:52–2:30
3
Will new tariffs help or hurt the U.S. economy?
2:30–6:43
4
What historical context is relevant for understanding tariffs?
6:43–9:54
5
Are current tariffs similar to the Smoot-Hawley Tariff Act?
9:54–14:01
6
Can Trump's tariffs achieve strategic objectives?
14:01–21:21
7
Will tariffs generate significant revenue and jobs in the U.S.?
21:21–53:13
Speakers
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