Viktor Shvets on Trump's Historical, Revolutionary Moves
Odd Lots
Bloomberg
4.4 • 1.6K Ratings
🗓️ 9 April 2025
⏱️ 32 minutes
🧾️ Download transcript
Summary
How should we make sense of the Trump tariffs? They've been terrible for the stock market, obviously. Small businesses seem to hate them. Energy companies aren't fans either. US manufacturers are talking about how the tariffs will make manufacturing harder. And yet we have them. So who stands to benefit? What's the point? And how should we understand this moment in American history? On this episode we speak with one of our favorite guests, Viktor Shvets, the head of global desk strategy at Macquarie Capital. Shvets has been warning for a long time about how US history is at a pivot point, with the neoliberal consensus coming to an end. He talks about Trump's revolutionary efforts to remake American society, the attendant shredding of norms, and what it all means for the globally-held view of American exceptionalism.
Read More: Viktor Shvets on Why This Time Really Is Different
Things Are Getting Pretty Weird in Markets
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| 0:29.3 | Bloomberg Audio Studios, Podcasts, Radio News. Hello and welcome to another episode of the Odd Lots podcast. I'm Jill Wisenthall. |
| 0:45.6 | And I'm Tracy Allaway. |
| 0:46.8 | Tracy, you know what I'm proud of. Oh. I don't. You know, I look, I'm not a traitor |
| 0:52.2 | or anything like that. I don't like try to make a lot of calls or, oh, look at, you know, I'm not even a pundit and get things right. |
| 0:59.5 | That being said, you know what I think we did well? |
| 1:01.7 | I think we took the prospect of a serious change in the U.S. trading relationship with the rest of the world as a serious possibility. |
| 1:10.9 | We took Trump both seriously and literally? |
| 1:13.8 | We definitely, yeah, I think we took him pretty literally. |
| 1:16.3 | When he was talking on the campaign trail in the early days after the election, when the |
| 1:20.9 | markets were flying because all they were talking about was tax cuts and deregulation, |
| 1:26.1 | I think we were giving serious airtime |
| 1:28.1 | and writing time to the aspects of Trumpism that might not be so market-friendly. |
| 1:33.9 | I think that's right. Also, in our newsletter, just a couple of weeks ago, we were talking |
| 1:38.4 | about how weird the markets actually were because we weren't seeing that much risk priced |
| 1:43.9 | in, right? Like spreads on credit, |
| 1:46.0 | still pretty low. FX volatility at the time was pretty low. Just lots of weird stuff going on |
| 1:51.8 | in the markets. And there's someone else who noticed this. Well, that's right. So I'm looking at |
| 1:58.2 | an edition of the Odd Lots newsletter. Everyone should Google |
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