Are Trump's tariffs a good idea? | Phil Magness

Economic historian Phil Magness on the real history of tariffs and why Trump is so wrong about them.

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What would a Mar-a-Lago accord look like? Just asking questions.

Phil Magness is an economic historian with the Independent Institute who has deeply studied the history of tariffs and trade. We invited him on the show to talk about the "global economic reordering" described by Donald Trump's Treasury Secretary Scott Bessent, the president's escalating tariffs, the looming threat of a trade war, the shaky stock market, and the so-called "Mar-a-Lago Accord" that may shed more light on what the Trump administration's economic agenda really is.

Other episodes mentioned:
https://www.youtube.com/watch?v=p-Kpyg2mFU8&list=PLBuns9Evn1w9K02WT8x-gzSI-UdeeXFG9&index=12 with Tyler Cowen
https://youtu.be/-ED2Dy2aRKM?list=PLBuns9Evn1w9K02WT8x-gzSI-UdeeXFG9 with Phil Magness
https://www.youtube.com/watch?v=Hh_F4F1CjrE&list=PLBuns9Evn1w9K02WT8x-gzSI-UdeeXFG9&index=1 with Kelsey Piper

SEO: Tariffs, Trade Wars & the Mar-A-Lago Accord | Phil Magness on Economic History & Trump’s Agenda

In this episode of Just Asking Questions, economist and historian Phil Magness joins us to break down the Trump administration's evolving economic strategy, including its obsession with tariffs, the controversial Mar-A-Lago Accord, and the potential return of protectionism. We dive deep into trade history, from Smoot-Hawley to semiconductors, and challenge the narrative being pushed by Trump’s inner circle.

Phil lays out how tariffs act as both revenue generators and protectionist tools, and why the current push may be economically disastrous. We also explore the idea of using tariffs as a foreign policy weapon, Trump's weak-dollar plan, and even the government's unexpected Bitcoin play.

Topics Covered
👉 What is the Mar-A-Lago Accord?
👉 Do tariffs really help the American economy?
👉 What caused the Great Depression—was it tariffs?
👉 Why is Trump obsessed with tariffs?
👉 What is the dual purpose of tariffs?
👉 Is the US bringing back manufacturing jobs?
👉 Are tariffs good for national security?
👉 How do tariffs affect inflation?
👉 What are the dangers of a strong US dollar?
👉 What’s the future of free trade in America?
👉 Can the US government use Bitcoin as a reserve asset?
👉 Who is Phil Magness and what are his views on tariffs?
👉 What are the long-term effects of protectionist policies?

Chapters:
00:00:00 Coming up...
00:00:27 Trump's Confused Tariff History
00:06:39 The Dual Purpose of Tariffs
00:09:44 Tariffs as Foreign Policy Tools
00:11:26 Smoot-Hawley and the Great Depression
00:15:38 The Great Forgetting of Trade History
00:20:54 National Security Justifications for Tariffs
00:25:32 Debating Strategic Industries Like Semiconductors
00:30:06 JD Vance, Industrial Decline, and Economic Nostalgia
00:37:31 Auto Industry, Union Labor, and Protectionism
00:40:34 The Mar-A-Lago Accord Explained
00:45:58 Should Other Countries Pay for US Security?
00:49:33 Can Tariffs Be Effective Negotiation Tools?
00:53:37 Will Weakening the Dollar Backfire?
00:57:08 Do Tariffs Cause Inflation?
01:00:41 The US Government's Bitcoin Sovereign Wealth Fund
01:06:59 Final Thoughts and What We Should Be Asking