Audio Interview

Free trade, mercantilism, and manufacturing: economic and business consequences of import tariffs

Published on May 13, 2025   34 min

Other Talks in the Playlist: Interviews with business leaders and scholars

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Interviewer: Today, 10th of March 2025, I'm interviewing Dr. Michael Strain, Director of Economic Policy Studies and Arthur F. Burns scholar in Political Economy at the American Enterprise Institute, USA, on issues arising out of his article in Project Syndicate on the 21st of October 2024 titled: US tariffs will not bring back jobs from China. Dr. Strain is also a Professor of Practice at McCourt School of Public Policy at Georgetown University. A more detailed biography accompanies this interview. I mentioned the date because we are currently in the thick of it with tariff announcements almost a daily occurrence. Dr. Strain, thank you for sparing the time. For this interview, I want to accept your argument that, in general, tariffs make no economic sense. However, you're right. Of course, tariffs on a narrow range of truly critical products such as semiconductors could be justified on national security grounds. But even in those cases, the US should seek to build resilient trade networks with its allies before attempting to create a domestic industry from scratch. One, isn't the Trump presidency arguing the national interest, albeit interpreted very widely? And two, in the world, as perceived by the US government, there are no resilient trade networks.

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Free trade, mercantilism, and manufacturing: economic and business consequences of import tariffs

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