Notes from James:

I’ve been seeing a ton of misinformation lately about tariffs and inflation, so I had to set the record straight. People assume tariffs drive prices up across the board, but that’s just not how economics works. Inflation happens when money is printed, not when certain goods have price adjustments due to trade policies.

I explain why the current tariffs aren’t a repeat of the Great Depression-era Smoot-Hawley Tariff, how Trump is using them more strategically, and what it all means for the economy. Also, a personal story: my wife’s Cybertruck got keyed in a grocery store parking lot—just for being a Tesla. I get into why people’s hatred for Elon Musk is getting out of control.

Let me know what you think—and if you learned something new, share this episode with a friend (or send it to an Econ professor who still doesn’t get it).

Episode Description:

James is fired up—and for good reason. People are screaming that tariffs cause inflation, pointing fingers at history like the Smoot-Hawley disaster, but James says, “Hold up—that’s a myth!”

Are tariffs really bad for the economy? Do they actually cause inflation? Or is this just another economic myth that people repeat without understanding the facts?

In this episode, I break down the truth about tariffs—what they really do, how they impact prices, and why the argument that tariffs automatically cause inflation is completely wrong. I also dive into Trump's new tariff policies, the history of U.S. tariffs (hint: they used to fund almost the entire government), and why modern tariffs might be more strategic than ever.

If you’ve ever heard that “tariffs are bad” and wanted to know if that’s actually true—or if you just want to understand how trade policies impact your daily life—this is the episode for you.

Timestamps:

00:00 Introduction: Tariffs and Inflation

00:47 Personal Anecdote: Vandalism and Cybertrucks

03:50 Understanding Tariffs and Inflation

05:07 Historical Context: Tariffs in the 1800s

05:54 Defining Inflation

07:16 Supply and Demand: Price vs. Inflation

09:35 Tariffs and Their Impact on Prices

14:11 Money Printing and Inflation

17:48 Strategic Use of Tariffs

24:12 Conclusion: Tariffs, Inflation, and Social Commentary

What You’ll Learn:

Quotes:

Resources Mentioned:

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