Commonwealth Club of California Podcast The Economy 2025: The Impacts of Tariffs, Tax Cuts and Trump
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Feb 4, 2025 
Join Mary Daly, President of the Federal Reserve Bank of San Francisco; John H. Cochrane, Senior Fellow at the Hoover Institution; Baie Netzer, Investment Strategist at Bank of America; and Susan Hyde, Political Science expert from UC Berkeley. They dive into the economic forecast for 2025, discussing the impacts of tariffs, tax cuts, and inflation. Insights on income inequality and its effects on democracy are also examined. The conversation highlights the resilience of the U.S. economy amid changing political landscapes and evolving policies.
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Economic Policy Revolution
- The US is undergoing a significant economic policy shift, akin to the 1930s or the Reagan-Thatcher era.
- This shift presents both volatility and risks, along with potential benefits like avoiding European-style economic policies.
Tariff Impact
- Tariffs are economically inefficient, similar to price controls, but their impact is not disastrous.
- They act as taxes, raising prices but not significantly harming the overall economy.
US Foreign Policy Instability
- US foreign policy changes are causing uncertainty and risk for international partners.
- This departure from traditional stability makes the US an unpredictable actor in global affairs.