In what he called "Liberation Day", Donald Trump imposed heavy tariffs on countries around the world, falsely claiming they were "reciprocal". In reality, the taxes on imports were based on the US trade deficit with other nations. Ben Norton explains how the Trump administration's economic policies are contradictory and will backfire hard on the US economy, fueling inflation while failing to re-industrialize.

VIDEO: https://www.youtube.com/watch?v=nv5ZkxQvsz8

Topics

0:00 Trump imposes heavy tariffs

0:27 (CLIP) Trump's "Liberation Day"

0:52 Trump's global trade war

1:18 (CLIP) Tariff is most beautiful world

1:41 New tariff rates

3:20 Backfiring

4:04 How the tariffs were calculated

7:08 Retaliation

8:45 Role of US dollar dominance

9:30 (CLIP) Trump on de-dollarization

9:48 (CLIP) Trump threatens BRICS

10:17 US balance of payments

12:37 Alternative to US dollar

13:14 Dumbest trade war in history

13:42 Reindustrialization

14:32 Financialization

17:53 Inflation

20:00 Coffee, fruit, & vegetables

22:06 Imports from China

24:02 Imports from Vietnam

25:26 Imports of electronics

27:51 Industrial policy

33:41 Moving tax burden from rich to poor

37:02 Outro