The stock market is in freefall after Donald Trump’s so-called “Liberation Day” tariffs, which financial experts are warning could cost consumers thousands of dollars each year. Who better to break down the ramifications of Trump’s trade wars than Nobel laureate, economist, bestselling author, and columnist Paul Krugman? He joins Mehdi for an urgent discussion on Substack Live.
“If you put tariffs high enough, you will shut down world trade, and if there’s no trade, then you can’t have a trade deficit. But the cost is enormous,” Krugman tells Mehdi. “So the idea that this is going to work out beneficially to the United States is madness.”
Watch the full conversation above to hear Mehdi and Paul Krugman discuss just how bad the trade wars can get, the impact of tariffs on the US auto industry and consumer goods, and what Trump’s madness is supposed to achieve.
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