Trump and Tariffs (Darwin & Survival of the Fittest, or the Strongest!)

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Privileged Discussions is now Global Trade Deciphered, a sharper reflection of our focus on global trade and business. Same expert insights, new name. Global Trade Deciphered is a Privileged Discussions Productions podcast. Thanks for joining us!

Episode Description

In this episode, Justin Hayden Miller, a Global Trade & Customs lawyer and consultant, using clips of Margaret Thatcher, analyses latest developments of President Trump’s trade and tariff policies, particularly as regards to Canada and China.

The episode concludes considering:

• Comparisons with Darwinism: The theory of Survival of the Fittest, with modern day approaches to trade, drawing parallels with current events.
• Risks of Rule-Changing: Analyzing the potential consequences of the U.S. reshaping global trade rules, which could inadvertently advantage competitors like China.

It considers:

• U.S. Tariff Policies: Exploring President Trump's perspective on tariffs as a tool for economic dominance, with references to a pre-World War II "golden age" of U.S. trade funded by tariffs rather than income tax.
• Historical Parallels: Comparing current U.S. policies to the UK’s Brexit experience and the economic isolationism of the past, with insights into how trade barriers reshape alliances.
• Margaret Thatcher’s Legacy: Featuring archival clips of Thatcher defending her economic policies, Justin draws connections between her views on wealth creation and modern trade strategies.
• Soft Power vs. Hard Power: A discussion on the shift from diplomatic influence to economic coercion, with references to Joseph Nye’s concept of soft power and its relevance to U.S. global positioning.
• Canada as a Case Study: Examining the U.S.-Canada trade relationship as a litmus test for broader tariff policies and their impact on historic alliances.
• Economic Ideology: Debating the merits of free trade versus protectionism, with references to Adam Smith and the ideological underpinnings of current U.S. trade strategies.

Artistic references mentioned in the episode:

The album 'Love' by The Cult; produced by Steve Brown; release date October 1985; post-punk, alternative hard rock.

Link on Spotify: https://open.spotify.com/album/2hallpchkYldMa5lGGf1Ko

Link on Deezer: https://www.deezer.com/da/album/10982342

Thatcher clips © : By permission: UK Parliamentary Recording Unit, All rights reserved

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