How Trump’s Tariffs Plus Iran War May Help US Manufacturing
Ironically, America’s competitive edge has increased due to the conflict, as the price of natural gas soars for the rest of the world but falls in the US.
US President Donald Trump announces global “reciprocal tariffs” at the White House in Washington in April 2025.
Photographer: Brendan Smialowski/AFP/Getty Images
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It’s now been one year since Donald Trump’s sweeping attempt at global tariffs, and the economic fallout has been more nuanced than either critics or supporters predicted. On this episode of the Trumponomics podcast, host Stephanie Flanders speaks with Anna Wong of Bloomberg Economics and Oren Cass of the conservative think tank American Compass about a US economy that, in many respects, has proven unexpectedly resilient. Growth hasn’t collapsed, inflation hasn’t spiked and the president’s April 2025 tariffs (most of which were struck down in February by the Supreme Court) generated substantial federal revenue. The debate now centers on whether it will make a difference when it comes to Trump’s stated goal: reviving US manufacturing.