Lori Wallach and Michael Hudson Debate Trump’s Plan to Impose Steel and Aluminum Tariffs

“Trade wars are good, and easy to win.” That’s the message President Trump tweeted on Friday, sending shockwaves across the globe and sparking fear of impending economic volatility. On Thursday, world stock markets tumbled after Trump announced he plans to impose new tariffs on imports of foreign steel and aluminum. The new tariffs — 25 percent on steel and 10 percent on aluminum — will benefit US producers of the metals, while raising prices for companies that manufacture everything from cars to airplanes to high-rise apartments. Prominent Republicans and business leaders have denounced Trump’s plan, saying the tariffs will hurt the manufacturing industry and US competitiveness. Trump’s announcement has also prompted concerns that other countries will impose retaliatory tariffs while challenging US protectionism at the World Trade Organization. For more, we host a debate. Lori Wallach is the director of Public Citizen’s Global Trade Watch and author of The Rise and Fall of Fast Track Trade Authority. Economist Michael Hudson is the author of America’s Protectionist Takeoff 1815-1914.

TRANSCRIPT

JUAN GONZÁLEZ: “Trade wars are good, and easy to win.” That’s the message President Trump tweeted on Friday, sending shockwaves across the globe and sparking fears of impending economic volatility. On Thursday, world stock markets tumbled after Trump announced he’s imposing new tariffs on imports of foreign steel and aluminum. The new tariffs — 25 percent on steel and 10 percent on aluminum — will benefit US producers of the metals, while raising prices for companies that manufacture everything from cars to airplanes to high-rise buildings.

AMY GOODMAN: Prominent Republicans and business leaders have denounced Trump’s plan, saying the tariffs will hurt the manufacturing industry and US competitiveness. House Speaker Paul Ryan said in a statement Monday, quote, “We are extremely worried about the consequences of a trade war and are urging the White House to not advance with…

Read more