The Price US Consumers May Pay for the War With Iran
On Everybody’s Business, we explore how the US economy and everyday Americans face long-term consequences from the conflict begun six weeks ago.
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After about six weeks of war, the US and Iran have an agreement to press pause. Now the world watches and waits. Thousands of people have been killed in the conflict, the vast majority in Iran and Lebanon. At the same time, the global economy has been dealt a severe blow, as the all-important Strait of Hormuz has been effectively closed, cutting much of the world off from a major chunk of its oil supply.
This week, on Everybody’s Business from Bloomberg Businessweek, Stacey Vanek Smith and Max Chafkin take stock of the US-Israel war with Iran and its economic and political consequences. The conflict, begun with a shifting set of justifications by the White House, seems to have been a loss both politically and economically for Donald Trump, the US and its traditional role at the center of the global economy.
Then Ben Steverman joins to talk taxes. Since the Republican-controlled Congress's passage of its “Big Beautiful Bill” act, the tax code has gotten even more complicated and verbose. Who are the winners and losers? Why are your taxes so complicated? Also, more and more people are using artificial intelligence to help—is that a good idea? Steverman weighs in.
Finally, Max and Stacey discuss their underrated stories of the week—why tech companies are paying people to use AI and why a bag of Doritos might be the canary in the US consumer coal mine.