Trump and the history of tariffs. With Doug Irwin

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• 00:00

  Tariff man might sound like the world's weirdest superhero,

• 00:03

  but tariffs or taxes on imported goods are really what put the wind beneath Donald Trump's cape.

• 00:09

  His first term saw the biggest increases in tariffs, at the very least since the 1970s.

• 00:14

  There's a real possibility the next four years could take us back to the high tariffs of the Depression era.

• 00:19

  Today on the show,

• 00:20

  we're going to ask what Trump really wants with all this and if tariffs ever make any sense at all.

• 00:28

  Foreign.

• 00:38

  I'm Alan Beattie, the FT senior trade writer,

• 00:40

  and this is the Economic show from the Financial Times.

• 00:44

  To discuss how we got here and where we're going,

• 00:46

  we welcome Doug Irwin, economics professor at Dartmouth College.

• 00:49

  Now, it's not often you can say somebody is definitively the last word on something in economics,

• 00:55

  but Doug is the undisputed heavyweight champion of the world on tariffs and specifically on the US History of tariffs.

• 01:02

  Doug, hello.

• 01:03

  Great to be here.

• 01:04

  Nice to talk with you.

• 01:05

  Do you have the same feeling I do that like we've been telling people for years,

• 01:09

  trade isn't really about tariffs anymore.

• 01:11

  It's all about regulations and it's all about services and so forth.

• 01:15

  And surprisingly, here it comes again.

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