GZERO World with Ian Bremmer Tariffs: what comes next with Paul Krugman and Scott Lincicome
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Mar 7, 2026 
Scott Lincicome, a trade policy expert from the Cato Institute, and Paul Krugman, Nobel Prize–winning economist and NYT columnist, debate the fallout from recent tariff rulings. They discuss legal challenges and potential huge refund claims. They dissect how tariff politics clash with consumer behavior and what this means for U.S. trade, business strategy, and upcoming midterm political dynamics.
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Tariff Threats Bought Headlines Not Hard Deals
- The IEPA tariff threats created bargaining leverage abroad but produced few durable, detailed deals.
- Scott Lincicome said many agreements amount to press conferences and websites without concrete investments or congressional ratification.
European Concessions Were Largely Vaporware
- Europeans were cornered into promises of U.S. investment that lacked tools to deliver, leaving them frustrated.
- Paul Krugman said European commitments were largely "vaporware," since the Commission can't force private companies to invest.
Elite Rhetoric Outpaces Public Preferences
- Washington's political elite has shifted toward mercantilism while the public's support for protectionism is shallow.
- Scott Lincicome noted cultural globalization persists: imports, foreign investment, and consumer tastes remain strong despite rhetoric.