As President Trump ratchets up trade wars with America’s adversaries and allies, two experts on the economy — Jeff Ferry, chief economist emeritus at the Coalition for a Prosperous America, and Scott Lincicome, vice president of General Economics and Stiefel Trade Policy Center at the Cato Institute — clash over whether tariffs will bolster or crush the U.S. economy and what tariffs mean for Americans.

Speaking before a student audience at Hofstra University, Ferry defends President Trump’s tariffs, arguing that they will strengthen its domestic manufacturing industries and benefit Americans in the long run. “We need a new economic policy in this country,” says Ferry.

Lincicome, a veteran trade attorney, disagrees, arguing that tariffs are a tax on American consumers and businesses that will inhibit growth and harm manufacturing. “Open economies—free economies—grow faster, grow better,” Lincicome said. Closed economies, on the other hand, are “a recipe for poverty.”

Ferry and Lincicome also discuss the history of tariffs, their global impact, and take questions from Hofstra students.

Support for “Firing Line for Margaret Hoover” is provided by Robert Granieri, Vanessa and Henry Cornell, The Fairweather Foundation, Peter and Mark Kalikow, Cliff and Laurel Asness, The Meadowlark Foundation, Charles R. Schwab, Damon Button, Craig Newmark Philanthropies, The Philip I Kent Foundation, Annie Lamont through The Lamont Family Fund, and Al and Kathy Hubbard. Corporate funding is provided by Stephens Inc.