The Case for Tariffs with Sen. Phil Gramm

This panel discussion, featuring Oren Cass and former Senator Phil Gramm, centers on the impact of tariffs and trade policies on the American economy, specifically within the manufacturing sector. The discussion begins with contrasting viewpoints on the decline of manufacturing jobs, with Gramm emphasizing productivity gains while Cass highlights job losses and decreased output. The conversation then delves into the effectiveness of tariffs, with Cass advocating for a broader, market-based approach to protect American manufacturing, while Gramm argues against tariffs due to their high costs and potential negative economic consequences. Specific examples, such as the impact of Trump-era tariffs on washing machines and steel, and the CHIPS Act's effect on semiconductor investment, are used to support their arguments. The debate concludes with a discussion on the role of national security concerns in shaping trade policy, highlighting the complex interplay between economic considerations and geopolitical strategy.