WATCH: βWhose throat do I get to chokeβ if tariff approach fails, Tillis asks trade rep
π€ AI Summary
- π£οΈ Senator Tillis questions the π€ trade representative about the βπ« olive primo approachβ to π° tariffs, expressing π concern about its potential impact on π€ partners and π developing countries.
- π£οΈ Tillis seeks β clarity on who is π§ββοΈ accountable if the approach β fails, emphasizing the need for a ββοΈ one throat to chokeβ.
- πΌ The trade representative clarifies that π pharmaceuticals, π» semiconductors, and certain sections related to π© aluminum and π¨π³ Chinese imports are π« excluded from this approach.
- ποΈ The representative states that the π¨βπΌ president has directed that there will be π« no exclusions on π© steel, π© aluminum, or products exclusively manufactured in π¨π³ China for the foreseeable future.
- β³ Tillis highlights the limited timeframe for β³ political patience, around 1οΈβ£4οΈβ£ months, and questions whether the π benefits of the approach will be π evident within that period.
- π Tillis expresses π concern for those who may bear the ποΈββοΈ brunt of short-term π° cost increases and potential πΌ job displacement.
- β³ Tillis emphasizes the importance of a β³ long-term play in πΊπΈ American politics and public policy formation, which he believes is about 1οΈβ£2οΈβ£ months from the beginning of an administration.
- π£οΈ The discussion revolves around a βπ novel approachβ to trade, with π concerns raised about π§ββοΈ accountability and the potential π negative impacts on various groups.
- β A senator questions who is π§ββοΈ responsible for the βπ― all prima approachβ and who will be held π§ββοΈ accountable if it β fails.
- πΌ The trade representative clarifies the approach π« excludes π pharmaceuticals, π» semiconductors, and certain tariffs.
- β The representative confirms there will be π« no exclusions on π© steel, π© aluminum, or products π― solely manufactured in π¨π³ China, until China π changes its stance.
- π The senator expresses π concern about the π‘ logic of the βπ― all prima approach,β particularly regarding π€ partners and π developing countries.
- β³ The senator emphasizes the limited timeframe for β³ political patience, around 1οΈβ£4οΈβ£ months, and questions the β³ long-term effects on π§βπ€βπ§ people.
- π΄ The senator highlights the demographic of π§βπ€βπ§ people nearing retirement and their reliance on π¦ 401k statements, hoping they will feel π positive about the trade approach.
π Book Recommendations
π On Trade Policy and International Trade:
- π βInternational Trade: Theory and Policyβ by Paul R. Krugman and Maurice Obstfeld: π A widely used textbook offering a comprehensive overview of international trade theory and policy. π π
- π€ βThe Handbook of Global Trade Policyβ edited by Andreas Klasen: π A comprehensive resource with contributions from experts on various aspects of international trade policy, ποΈ governance, and π° finance.
- β³ βA Splendid Exchange: How Trade Shaped the Worldβ by William J. Bernstein: π A historical perspective on how trade has influenced global development. ππ
- π€ βGlobalization and Its Discontentsβ by Joseph E. Stiglitz: π π Examines the challenges and criticisms of globalization. π
- πΆββοΈ βWalking Out: Americaβs New Trade Policy in the Asia-Pacific and Beyondβ by Michael L. Beeman: πΊπΈ β‘οΈ π Analyzes the recent shifts in US trade policy, particularly in the Asia-Pacific region. π
- π βRevolutionizing World Trade: How Disruptive Technologies Open Opportunities for Allβ by Kati Suominen: π» π Explores how new technologies are transforming international trade. π‘
- βοΈ βTrade Policy in a Changing World Economyβ by Robert E. Baldwin: π π Provides an introduction to complex trade issues, covering theoretical aspects and policy trends. π π
βοΈ On Tariffs and Trade Wars:
- π₯ βTrade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peaceβ by Matthew C. Klein: π π Argues that trade conflicts are linked to rising inequality. π° β π€
- π βTariffs and Trade Wars: A Historical Analysis of Protectionismβ: β³ βοΈ Offers a historical perspective on the use and consequences of tariffs. π
- π βPeddling Protectionism: Smoot-Hawley and the Great Depressionβ by Douglas A. Irwin: π§± π Analyzes the impact of protectionist policies during the Great Depression. π
- π¨π³ βNo Great Wall: Trade, Tariffs, and Nationalism in Republican China, 1927-1945β: β©οΈ A historical study focusing on tariff policy in China during a specific period. π
- β βTariffs: Tools of Prosperity or Trade Warβ: π°βοΈ Explores different perspectives on the role and impact of tariffs. π€