Justin Wolfers on Who Really Wins in Trump’s Trade War?

Economist Justin Wolfers joins Molly Jong-Fast to dissect the economic and political consequences of tariffs, particularly those implemented during the Trump administration. Wolfers explains how tariffs, initially justified by outdated views on international trade, have backfired by alienating allies, hurting American manufacturers, and doing little to help the sectors they were intended to support. He clarifies that while tariffs were meant to bring back manufacturing and strengthen domestic industries, the poorly executed policies instead raised costs for producers by targeting imported inputs like steel and semiconductors. Additionally, Wolfers explores the broader implications of economic mismanagement, from distortions in the bond and stock markets to the potential long-term damage caused by undermining the Federal Reserve. The conversation highlights the unintended consequences of "crony capitalism," the risks of political unpredictability, and how policies driven by incompetence can sabotage even their ideological goals.

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