Chuck Todd is joined by Mark Zandi, chief economist at Moody’s Analytics, to discuss the damaging effects of President Donald Trump’s tariffs and trade war on the U.S. economy.Chuck opens the episode by framing the nation’s economic struggles as entirely self-inflicted, warning against political pressure on the Federal Reserve, and explaining why the consequences of current policy decisions could take years to reverse.Mark Zandi then joins to share his economic risk assessment, explore why markets failed to anticipate the trade war, and project the level of fallout the U.S. economy could face in the coming months and years.They break down why Trump’s push to reshore American manufacturing is unlikely to succeed, how China could emerge as the real winner of the trade war, and why troubling signals from the bond market spell concern for the broader economy.Zandi also outlines the risks of firing Fed Chair Jay Powell, explains why the trade war is a lose-lose scenario, and discusses why government intervention may be far less effective in responding to a self-inflicted economic crisis.Finally, Chuck wraps up with listener questions in the Ask Chuck segment.Don’t forget to like and subscribe to The Chuck ToddCast!Timeline:0:00 Introduction0:30 Why Chuck wanted to have Mark Zandi on the show1:30 We could have a man made economic disaster on our hands3:00 Pressuring the fed to lower interest rates is a bad idea5:15 Immigration has been a boon, not a negative for America7:00 Trade has helped America have a higher standard of living than anywhere else8:00 Rebuilding will take years8:45 Trump administration has been a mess11:55 Mark Zandi joins the show 12:55 What is Moody's Analytics? 15:55 How is a country's political system factored into economic risk assessments? 17:15 War gaming the trade war 19:10 Why didn't markets price in the trade war? 21:10 Tariffs in Trump 1.0 were more damaging than people realize due to pandemic. 22:55 When will the tariff impacts show up?24:25 Are any companies reshoring manufacturing due to tariffs? 26:10 How many companies are going to do whatever it takes to get an exemption? 27:25 Consumers and corporations are already changing their spending decisions 28:25 Government cuts are self defeating 29:55 How will this affect China's economy? 32:55 Will the EU spurn the US in favor of China? 34:25 Nixing the TPP was a mistake 35:40 What does the health of the bond market tell us? 37:10 We're in a crisis 38:10 How does this affect financing our debt? 39:10 What would stabilize the market? 39:55 What would happen if he fired fed chair Jay Powell?42:40 How similar is the current situation to the 1920's-30's? 45:25 US received more pushback from other countries in the 20's-30's 46:40 Which countries are most vulnerable to the trade war? 48:55 This is a lose-lose for everyone 49:55 In an emergency are the only choices inflation or recession? Which is preferable? 52:25 Government intervention will be less viable because government caused the crisis53:25 Chuck’s thoughts on conversation with Mark Zandi54:20 Ask Chuck - Will Trump’s trade war become the new normal or just a phase?55:55 Tariffs are a tool, and shouldn’t be used for everything57:30Trump’s goal is to replace income taxes with tariff revenue59:55 How can citizens not be part of the problem when it comes to hyperpartisan media?1:00:30 Diversifying your media diet is important1:04:45 If tariffs cause a severe recession, could Trump issue an EO to postpone the midterm elections?1:07:00 Trump can’t waive a magic wand and postpone elections(Timestamps vary based on advertisements)
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Welcome back to another episode of the Chuck Toddcast. My guest today is the chief economist at Moody's Analytics. It is Mark Zandi. He is somebody I have known for, frankly, over a decade. I got to know him during the Great Recession.
He is sort of one of the go-to guys when it comes to understanding the global economy, understanding which countries have good debt and bad debt and things like that. when there was a threat to the United States' credit rating. He was somebody that was on the front lines of sort of explaining and how this works. And I have him today because I think he will do a good job of explaining sort of
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