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Plain English with Derek Thompson

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Plain English with Derek Thompson
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  • A Toy Manufacturer Explains How Trump’s Tariffs Could Crush His Industry
    In the past three weeks, we've spoken to economists about the tariffs. We’ve spoken to a historian about the Smoot-Hawley Tariff Act and the 100-year legacy of American protectionism. We've spoken to supply chain expert Jason Miller from Michigan State about why China is set up to win the upcoming trade war. But the voice we haven’t heard is the voice of business. People who run companies are screaming at whoever will listen that the White House agenda will decimate business and plunge their industries into a recession. Today’s guest is Molson Hart. He’s run a manufacturing business in the U.S. for the last 15 years. His company, Viahart, manufactures consumer products in China, Indonesia, and Vietnam and sells them both in stores and online—mostly in the U.S. His biggest vertical is toys, including Brain Flakes, which are molded plastic disks that kids and adults can snap together to build things. This is not a bleeding-heart lefty. Quite the opposite: This is a guy who is rooting for the Trump agenda to succeed. This is a guy who told me in our interview he wants to believe that the Trump team has its heart in the right place when it comes to bringing back manufacturing in the long run. And yet he has called these tariffs not just a bad idea … but the worst economic policy in American history. I spoke to him this week, and he was just incredibly compelling and thoughtful about the toy industry, why it’s so difficult to bring back American manufacturing quickly, and how these tariffs could do incredible damage to America’s small businesses. So we’ve decided to rush out this interview a little sooner than we intended, in part because it’s great and in part because this news story is moving so quickly, it’s hard to know what reality will even look like next week. If you have questions, observations, or ideas for future episodes, email us at [email protected]. Host: Derek Thompson Guest: Molson Hart Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices
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  • Why America Will Lose Its Trade War With China
    The U.S. is in the opening innings of a full-blown trade war with China. What does that actually mean? What do we sell to China? What does China sell to us? How is each country dependent on the other for the supply of electronics, food, machines, and goods? Jason Miller, a professor at Michigan State and an expert on global supply chains, tells Derek that in the trade war between the U.S. and China, one of these two countries seems better positioned to weather a protracted trade dispute—and it’s not the U.S. If you have questions, observations, or ideas for future episodes, email us at [email protected]. Host: Derek Thompson Guest: Jason Miller Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices
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  • Plain History: The Smoot-Hawley Tariff and the Great Depression
    The 1920s and the 2020s share a special kinship. One hundred years ago, the U.S. was grappling with a mix of growth, technological splendor, and generational anxiety—a familiar cocktail (albeit, from an era where cocktails were illegal). The era’s young people felt uniquely besieged by global forces. “My whole generation is restless," F. Scott Fitzgerald wrote in This Side of Paradise. “A new generation dedicated more than the last to the fear of poverty and the worship of success; grown up to find all Gods dead, all wars fought, all faiths in man shaken." America was changing. And change always implies a kind of loss. We were moving toward cars and cities and manufacturing. And that meant we were moving away from horses and farmland and agriculture. And so, in 1930, just months into the Great Depression, Herbert Hoover signed a new piece of legislation to restore farmers to their previous glory. It was a great big tariff—the Smoot-Hawley Tariff. Rather than save the economy, it deepened the depression. Today, the Smoot-Hawley Tariff is one of the most infamous failures in the history of American politics. To suggest that it holds lessons for this moment in history is to state the obvious. Our guest is Douglas Irwin, an economist and historian at Dartmouth University and an expert on the economic debates of the Great Depression. We talk about the economic motivations of the Smoot-Hawley tariff, the congressional debates that shaped it, the president who signed it, and the legacy it left. We talk about the economic instinct to preserve the past—an instinct that has never gone away in American history—and the profound irony, that some efforts to return America to its former glory can have the unintended effect of robbing America of a richer future. If you have questions, observations, or ideas for future episodes, email us at [email protected]. Host: Derek Thompson Guest: Douglas Irwin Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices
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  • Trump’s Trade War Is Like Nothing America’s Ever Seen
    Donald Trump's tariff plan has set global markets on fire. What are they for? What are they trying to accomplish? Fresh off his black-out-rage session on CNBC, Derek talks to Matthew Klein, the author of ‘The Overshoot’ newsletter and coauthor with economist Michael Pettis of the widely acclaimed economics book ‘Trade Wars Are Class Wars.’ We talk about the Trump tariffs, their place in history, the goal of reindustrialization, and why our problem with China is a malady worth solving—even if Trump’s medicine is just making us sicker. If you have questions, observations, or ideas for future episodes, email us at [email protected]. Host: Derek Thompson Guest: Matthew Klein Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices
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  • Trump’s Plan to Smash the Global Economic Order
    Donald Trump's second term has been a breakneck whirlwind: tariffs announced, tariffs unannounced, tariffs reannounced, allies threatened, and global coalitions ripped apart. What sort of a world are Trump and the White House trying to build? If you stand back from the brush strokes, and take in the full mural, it is possible to see something like a grand economic strategy. One way his chief economic advisers have put it is that we’re using America’s power in the 2020s as leverage to rebalance the global economy in a way that helps U.S. companies grow faster. There are several questions to ask about this stated economic strategy. One is whether or not it’s working. When tariffs designed to buoy the auto manufacturing economy lead instead to hundreds of layoffs among steelworkers getting walloped by trade wars—as they did this past week—it's hard to be confident that Trump's gambit is paying off. A very different question to ask is whether Trump’s economic strategy is _economic—_or, strictly speaking, strategic—at all. Much of our geopolitical agenda today seems to be a simple extrapolation of Donald Trump’s personality. His proclivity for audacious promises. His tactic of using leverage to squeeze counterparties. His preference for mano a mano deal-making over coalitional bargains. Today’s guests are Rogé Karma, a staff writer for The Atlantic, and Jason Furman, an economist at Harvard. We talk about the new world order Trump seems to be accelerating us toward. But we also talk about Trump himself, an unusual leader whose governance style often seems to have more to do with personal leverage than with policy. By evaluating the White House along both of these fronts, perhaps we can begin to see around the corner and understand what kind of a world, and what kind of a global economy, Donald Trump is pulling into view. If you have questions, observations, or ideas for future episodes, email us at [email protected]. Host: Derek Thompson Guest: Rogé Karma and Jason Furman Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices
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About Plain English with Derek Thompson

Longtime Atlantic tech, culture and political writer Derek Thompson cuts through all the noise surrounding the big questions and headlines that matter to you in his new podcast Plain English. Hear Derek and guests engage the news with clear viewpoints and memorable takeaways. New episodes drop every Tuesday and Friday, and if you've got a topic you want discussed, shoot us an email at [email protected]! You can also find us on tiktok at www.tiktok.com/@plainenglish_
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