Everyone has an opinion on tariffs. Almost nobody understands them.

Andy Tanner sits down with Chad Bown, PhD trade economist and author of How to Win a Trade War, to cut through the noise and get to what actually matters for investors — inflation, supply chain dependency, and the one trade war that's been quietly building for years while everyone argued about the other ones.

You'll hear why rare earths and permanent magnets brought the American auto industry to the edge of a crisis almost overnight, how China's strategy of one-way dependence is fundamentally different from anything the global trading system was built to handle, and why the tariffs making headlines may be the least important part of the story.

Trade is deflationary when it works. The question is what happens when it stops working — and whether your portfolio is ready for the answer.