The Bulwark Podcast S2 Ep1041: Justin Wolfers: Trump's Centrally Planned Economy
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May 13, 2025 
Justin Wolfers, a Professor of public policy and economics at the University of Michigan and co-host of "Think Like an Economist," joins the discussion. They dive into the economic ramifications of Trump's tariffs, highlighting how these policies paralyze both Wall Street and everyday consumers. Wolfers contrasts Trump's approach with China's newfound stability as a trade partner. They also critique GOP budget proposals that threaten working-class families while increasing the deficit, illuminating the complexities of U.S.-China trade relations and its effects on the American economy.
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Trade Enables Mutual Gains
- Trade benefits all parties by fostering cooperation and mutual benefit, rather than zero-sum competition.
- Reducing tariffs between the US and China benefits both Americans and Chinese consumers and producers.
Markets Oppose Tariffs
- Financial markets consistently react negatively to Trump's tariff announcements and positively when he backs off.
- This shows a consensus that tariffs hurt American business and the overall economy.
Trade Raises Living Standards
- The growth in material living standards for working-class families owes a lot to trade with China.
- Affordable furniture and toys largely come from China, enabling higher living standards.