1 00:00:00,320 --> 00:00:04,280 Speaker 1: All eyes on America today. It's Liberation Day. I think 2 00:00:04,320 --> 00:00:06,680 Speaker 1: it's going to be something that's going to bring a 3 00:00:06,720 --> 00:00:09,119 Speaker 1: lot of wealth back to our country, tremendous wealth back 4 00:00:09,160 --> 00:00:09,760 Speaker 1: to our country. 5 00:00:09,800 --> 00:00:12,600 Speaker 2: Actually, the President has a brilliant team of advisors who 6 00:00:12,600 --> 00:00:16,640 Speaker 2: have been studying these issues for decades, and we are 7 00:00:16,840 --> 00:00:19,160 Speaker 2: focused on restoring the golden age of America. 8 00:00:20,079 --> 00:00:22,880 Speaker 1: All right. President Trump has set to start dishing out 9 00:00:22,880 --> 00:00:25,680 Speaker 1: a number of tariffs about nine o'clock our time to 10 00:00:25,680 --> 00:00:28,840 Speaker 1: address what he calls unfair trade with other countries. US 11 00:00:28,840 --> 00:00:32,360 Speaker 1: retailers say that nervous the European Union threatens a robust 12 00:00:32,360 --> 00:00:35,360 Speaker 1: and calibrated response. So let's go to America. We're going 13 00:00:35,400 --> 00:00:38,080 Speaker 1: to the University of Iowa, and there there is an 14 00:00:38,120 --> 00:00:41,000 Speaker 1: economics professor by the name of Anne Villamil who joins me. Now, 15 00:00:41,040 --> 00:00:42,239 Speaker 1: good morning to you. Anne. 16 00:00:43,640 --> 00:00:44,240 Speaker 2: Good morning. 17 00:00:45,040 --> 00:00:46,520 Speaker 1: So what's the vibe like over there? 18 00:00:49,000 --> 00:00:53,120 Speaker 2: I think there is. I think lots of us don't 19 00:00:53,120 --> 00:00:56,440 Speaker 2: know what to expect. There's obviously lots of concern about 20 00:00:56,680 --> 00:00:58,680 Speaker 2: a trade war, but it's been on and off and 21 00:00:58,720 --> 00:01:03,160 Speaker 2: on again. So we're going to see what the announcements 22 00:01:03,160 --> 00:01:06,720 Speaker 2: are today. I think there have been reports that they're 23 00:01:06,720 --> 00:01:07,559 Speaker 2: still fine tuning. 24 00:01:08,440 --> 00:01:10,800 Speaker 1: Is there a realization makes the American public that an 25 00:01:10,800 --> 00:01:12,520 Speaker 1: awful lot of stuff is suddenly going to cost an 26 00:01:12,560 --> 00:01:13,200 Speaker 1: awful lot more. 27 00:01:15,120 --> 00:01:19,600 Speaker 2: I think that that is starting to hit, particularly in Iowa. 28 00:01:19,760 --> 00:01:23,840 Speaker 2: In Iowa there is it's a very small state, but 29 00:01:24,240 --> 00:01:28,080 Speaker 2: it does a lot of agricultural exports and also John 30 00:01:28,160 --> 00:01:33,319 Speaker 2: Deere manufacturing exports, and people are I think very concerned 31 00:01:33,400 --> 00:01:37,520 Speaker 2: because if you export, you care about other people's markets. 32 00:01:37,800 --> 00:01:40,480 Speaker 2: So it's going to be higher prices for us, but 33 00:01:40,680 --> 00:01:45,679 Speaker 2: also some tough times for our firms who export. 34 00:01:46,400 --> 00:01:49,240 Speaker 1: Prison. Trump says he's doing this for the American workers. 35 00:01:49,280 --> 00:01:52,840 Speaker 1: So what has been the representatives of the American workers reactions, 36 00:01:52,880 --> 00:01:53,640 Speaker 1: say the unions? 37 00:01:57,120 --> 00:01:59,720 Speaker 2: It is interesting that I think that there's so much 38 00:01:59,720 --> 00:02:04,320 Speaker 2: on certainty that you know, economists are sort of uniformly 39 00:02:04,360 --> 00:02:08,880 Speaker 2: concerned about trade wars because we know how damaging they are. 40 00:02:09,919 --> 00:02:13,120 Speaker 2: But I think there is a lot of wait and see. 41 00:02:13,160 --> 00:02:17,440 Speaker 2: Right now. There are trade problems, There's no question about that. 42 00:02:18,400 --> 00:02:22,040 Speaker 2: The question is what's the most effective way to resolve 43 00:02:22,080 --> 00:02:28,240 Speaker 2: those problems. And so it's been surprising and concerning, particularly 44 00:02:28,280 --> 00:02:33,400 Speaker 2: in the United States with Canada. Canada is a strong 45 00:02:33,600 --> 00:02:39,080 Speaker 2: ally and neighbor and so there are concerns about things 46 00:02:39,120 --> 00:02:43,639 Speaker 2: like we get eighty percent of our aluminum from Canada, 47 00:02:44,080 --> 00:02:48,520 Speaker 2: and to raise those prices. That's an intermediate good that 48 00:02:48,600 --> 00:02:52,640 Speaker 2: our firms used to produce, and I think many of 49 00:02:52,639 --> 00:02:55,360 Speaker 2: our firms are concerned about that. But there's been so 50 00:02:55,560 --> 00:02:58,400 Speaker 2: much back and forth. Yet we're going to do something, 51 00:02:58,440 --> 00:03:00,000 Speaker 2: We're going to wait a month, We're going to do 52 00:03:00,160 --> 00:03:03,480 Speaker 2: something else, We're going to wait a month that not 53 00:03:03,639 --> 00:03:04,920 Speaker 2: that much has happened yet. 54 00:03:05,240 --> 00:03:07,679 Speaker 1: Yeah, sures, we're all wanting some Suresey and we'll find 55 00:03:07,720 --> 00:03:09,400 Speaker 1: that out at nine o'clock this morning. Of course, the 56 00:03:09,400 --> 00:03:11,960 Speaker 1: rest of the world is still embracing globalism, but America 57 00:03:12,080 --> 00:03:14,639 Speaker 1: is now an outlier as it looks inward. Is your 58 00:03:14,639 --> 00:03:17,000 Speaker 1: American economy strong enough to stand alone? 59 00:03:19,840 --> 00:03:22,520 Speaker 2: Well, I certainly hope that we will continue being a 60 00:03:22,560 --> 00:03:27,519 Speaker 2: part of the trading community. The US economy has been strong, 61 00:03:28,639 --> 00:03:33,240 Speaker 2: it probably could endure a lot of this pain. The 62 00:03:33,280 --> 00:03:36,000 Speaker 2: problem is this is just going to be pure pain, 63 00:03:36,200 --> 00:03:38,400 Speaker 2: and the President has not yet made a case for 64 00:03:39,680 --> 00:03:42,120 Speaker 2: why this is the most effective way to do this. 65 00:03:42,360 --> 00:03:48,480 Speaker 2: There are certainly bilateral issues with China. There are certainly 66 00:03:48,600 --> 00:03:53,960 Speaker 2: issues about defense sharing with Europe. Those issues are real, 67 00:03:54,880 --> 00:03:57,880 Speaker 2: but starting a trade war as a way to solve 68 00:03:57,920 --> 00:04:02,520 Speaker 2: them is certainly something that concerns most economists. 69 00:04:02,000 --> 00:04:04,800 Speaker 1: And Villmel who is an economics professor at the University 70 00:04:04,840 --> 00:04:07,680 Speaker 1: of Iowa, and I thank you so much for your time. 71 00:04:08,800 --> 00:04:11,800 Speaker 2: For more from Early Edition with Ryan Bridge, listen live 72 00:04:11,920 --> 00:04:14,920 Speaker 2: to news Talks it'd be from five am weekdays, or 73 00:04:14,960 --> 00:04:16,880 Speaker 2: follow the podcast on iHeartRadio.