Trump’s plan to tank the Chinese economy

Worldly

Vox Media Podcast Network

News, Politics, News Commentary

4.4 • 1.8K Ratings

🗓️ 20 September 2018

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

Zack, Jenn, and Alex discuss President Trump’s massive new escalation in his trade war with China — new tariffs that mean half of all imports from China are now being taxed. They break down how these tariffs will actually affect Americans, Trump’s overall strategy of hurting the Chinese economy, and why this isn’t likely to end well for anyone. On Elsewhere, they chat about the Polish president’s bold new gambit to build a US military base on his soil — and name it Fort Trump. Zack does a Jerry Seinfeld voice, Jenn learns an exciting fact about Jared Kushner’s Amazon search history, and Alex confesses his love for the fashion lobby. References! The statement from the president announcing tariffs. Throughout the episode, we quoted Alex’s reporting; Jenn also referenced Matt Yglesias’s explanation of the trade war. Jenn quoted a guest on Marketplace. To hear the full interview, check out “Tariffs, but make it fashion” from September 17, 2018. Here’s more on how Peter Navarro was hired. This Politico piece digs deeper into Trump’s historical positions on various Asian countries. More details and background on the Fort Trump situation. We discussed Trump’s Saudi Arabia visit and his visit to the Forbidden City. Here’s a former Pentagon official explaining why NATO allies won’t like Trump unilaterally deciding to put a base in Poland. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hi and welcome to worldly on the Fox Media Podcast Network. I'm Zach Beecham.
0:13.0	Here's always with Alex Ward and Jen Williams.
0:15.0	So this week we are talking about a massive, huge escalation
0:20.0	in Trump's trade war with China.
0:23.0	The president has announced tariffs that would target about half of all imports,
0:27.0	and there are hints that it could get even worse.
0:29.0	We're going to dig deep on the House and the wise behind this crazy sounding policy.
0:33.0	Alex, what is the deal with the tariffs? said my best Jerry Seinfeld voice.
0:37.0	What's the deal?
0:38.0	So Trump is angry with China for its trade practices, so he wants to place 200 billion dollars worth
0:45.4	of tariffs on goods that would add to the 50 billion beforehand so it's effectively
0:49.2	a tariff on half of all Chinese imports. That would make it harder for China to sell in the
0:55.4	United States and China of course is unhappy with this so it's retaliating by saying
1:00.1	it's going to place 60 billion dollars worth of tariffs on American imports.
1:04.0	And what's worse about that is Trump has said, well if China's going to retaliate that way,
1:08.6	then we may add another 267 billion worth of imports on China, which means that basically every product that China wants to send to the United States will be tariffed in some way.
1:17.0	Okay, that seems bad, right, Chen.
1:20.0	Right, so Trump has framed this as we're going to be getting a ton of money and China's going to be paying us a ton of money.
1:27.0	But that's not actually how this works.
1:29.0	So just to be clear on how terrorists actually work, it's essentially like a border tax, right, for importing these
1:33.6	goods. So it's American consumers who actually end up paying more. And that's something that I think
1:39.3	a lot of people don't really understand. It's not that China has to pay more to get their
	...

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