Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea on an important twenty four hours
Speaker 2: for America. Of course, at four pmsh this afternoon, the
Speaker 2: President of the United States, we'll come up with a
Speaker 2: hugely anticipated adjustment to how we speak on trade to
Speaker 2: our international friends, romans, countrymen, enemies as well. It is
Speaker 2: called trade. It will be fascinating and we'll dive into
Speaker 2: that the specifics of it tomorrow. What we did today. Tomorrow,
Speaker 2: I should say we have Douger went On from Dartmouth,
Speaker 2: who's definitive on the American history of trade. We started
Speaker 2: strong today with Justin Wolfers at the University of Michigan,
Speaker 2: but first off of a terrific op ed in the
Speaker 2: New York Times over the weekend. I'll try to get
Speaker 2: that out on Twitter and LinkedIn today. Jason Furman here
Speaker 2: Furman of Harvard on this moment for America.
Speaker 1: I'd add a longer term one, which is geopolitics. The
Speaker 1: United States is a big, important country. It is not
Speaker 1: infinitely big, It is not infinitely important. China is also
Speaker 1: a really, really big player in the world. The only
Speaker 1: way we can confront China is by doing it together
Speaker 1: with allies, and if we alienate our allies. There's a
Speaker 1: lot more countries that trade more with China than with
Speaker 1: the United States. We're just going to push that further
Speaker 1: and help realign global geopolitics away from the US alliance
Speaker 1: and towards a Chinese entant.
Speaker 2: Jason Furman, of course, he studied with Martin Feldstein at
Speaker 2: Harvard years and years ago. Someone else out of the
Speaker 2: past of Harvard. Justin Wolfers is a kid in Sydney, Australia,
Speaker 2: did better than good in school and parachuted into Harvard.
Speaker 2: He had the honor of a PhD there with a
Speaker 2: giant Alberto Elisina and Olivier Blanchard, which is just an
Speaker 2: extraordinary PhD. Experiments Professor Blanchard were trying to get on.
Speaker 2: He's been on fire about this trade debate. He's without
Speaker 2: imposing at the Peterson Institute. Here is Justin Wolfers of
Speaker 2: Australia in the University of Michigan on this American moment.
Speaker 3: Two insights I've gotten from talking to folks around the world. One,
Speaker 3: the entire world is looking at this, and the entire
Speaker 3: world is worried about this. It's the front page of
Speaker 3: the Aussie newspapers and in Canada it's been the front
Speaker 3: page for several weeks now, so they're terrified. Now let
Speaker 3: me tell you what I tell the Aussies. There's eight
Speaker 3: billion people in the world. Trump is effectively taking three
Speaker 3: hundred and forty million of them and isolating them from
Speaker 3: the rest of the world. So what that means for
Speaker 3: the Aussies is there's still seven point six six billion
Speaker 3: people left to trade with. It's the Americans that this
Speaker 3: is really going to hurt, and in some sense for
Speaker 3: a small country like Australia, this may be opening up opportunities.
Speaker 3: The folks who are no longer going to be selling
Speaker 3: to the US or buying from the US are going
Speaker 3: to be looking for trading partners elsewhere, trusted trading partners,
Speaker 3: and that's what the Aussies are.
Speaker 2: Justin Wilfers the University of Michigan will continue this story
Speaker 2: on international relations it's effect on economics, finance and investment
Speaker 2: in the coming hours and days, as well on YouTube
Speaker 2: podcasts across the nation around the world. Is a single
Speaker 2: best idea