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cover of episode The real cost of a trade war

The real cost of a trade war

2025/4/10
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Unhedged

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K
Katie Martin
一名在《金融时报》工作的金融记者和评论员,专注于全球经济政策和市场趋势分析。
P
Pushkin
R
Robert Armstrong
以深入分析和解释当前金融市场趋势而闻名的《金融时报》记者和播客主持人。
Topics
Pushkin: 特朗普政府的贸易政策,特别是对中国商品征收的高额关税,给美国经济带来了巨大的不确定性。这些关税不仅导致美国消费者支付更高的价格,也给许多小型企业带来了生存危机。 我担心的是,这种不确定性会持续下去,并对美国经济造成长期损害。我们必须找到一种方法来解决这个问题,在保护美国产业的同时,避免与其他国家发生贸易冲突。 Katie Martin: 特朗普政府的贸易政策导致美国股市和债券市场出现剧烈波动。虽然特朗普取消了一些关税,但这并不能掩盖其政策对美国经济和全球市场造成的损害。 债券市场的反应尤其令人担忧,它表明投资者对美国经济和美元的信心正在下降。这种不确定性可能会导致全球金融市场出现更大的动荡。 此外,对中国商品征收高额关税可能会导致一些商品价格大幅上涨,从而引发公众不满。我们需要认真评估这些政策的长期影响,并采取措施来减轻其负面影响。 Robert Armstrong: 特朗普政府的贸易政策,特别是对中国商品征收的高额关税,虽然给美国经济带来了短期冲击,但也暴露了美国经济和金融体系的脆弱性。 债券市场的反应表明,投资者对美国国债的安全性以及美元作为全球储备货币的地位产生了质疑。这种质疑一旦形成,就很难消除。 尽管如此,我仍然对全球贸易体系和美国经济的长期前景持乐观态度。我相信,自由贸易的优势最终会战胜贸易保护主义,美国经济也将会恢复稳定。

Deep Dive

Chapters
This chapter analyzes the market reactions and potential economic consequences of the recent US tariff decisions, focusing on the significant increase in tariffs on Chinese goods and the uncertainty it creates for investors. The impact on small businesses and the challenges in enforcing these tariffs are also discussed.
  • Significant increase in tariffs on Chinese goods.
  • Uncertainty for investors.
  • Impact on small businesses.
  • Enforcement challenges.

Shownotes Transcript

Trump folded on Wednesday, reducing his so-called “reciprocal” tariffs across the board, with the notable exception of massive taxes on goods from China. Today on the show, Rob Armstrong and Katie Martin unpack the market gyrations that followed, and wonder if lasting damage has been done to America’s borrowing costs. Also, they go long global trade and long battered European stocks.

Join Unhedged for a subscriber webinar about the Trump effect on markets on April 23 at 13:00-14:00 UK time. Go to ft.com/trumpmarkets) to register now and send your questions to the team.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer).

You can email Robert Armstrong and Katie Martin at [email protected]).

Read a transcript of this episode on FT.com) Hosted on Acast. See acast.com/privacy) for more information.