https://www.city-journal.org/multimedia/us-china-tariff-agreement-will-it-stick
Charles Fain Lehman, Ilya Shapiro, Daniel Di Martino, and Tal Fortgang discuss the deal between the U.S. and China to temporarily lower tariffs, Trump’s executive order on prescription drug prices, and Chicago-isms Pope Leo XIV should bring to the Vatican.
Charles Fain Lehman: Welcome back to the City Journal Podcast. I’m your host, Charles Fain Lehman, a fellow at the Manhattan Institute and senior editor of City Journal. Joining me on the panel today, Ilya Shapiro, constitutional law guy at the Manhattan Institute, Daniel Di Martino, Argentinian policy expert, politics expert at the Manhattan Institute apparently, and Tal Fortgang, legal policy guy at the Manhattan Institute. Tal works for Ilya, so Tal, don’t mess this up. Otherwise, it’ll come back in your review.
Ilya Shapiro: But by works for me, that means he writes a bunch of stuff. I read a third of it and enjoy it. That’s our professional relationship.
Charles Fain Lehman: It’s a good review. Tal, quote that. We have this on record. I want to take us into the big news of the day. Earlier this morning, I think, I was asleep, but China and United States announced a 90-day temporary reduction in the mutual tariffs. So they’re down on the US side from 145 percent to 30 percent. It’s a major de-escalation as we’re recording this, the markets are up like a thousand points, although God knows what will be happening by the time it comes out. So don’t get mad at me listeners if it’s changed. Daniel, where are we on this front? You’re the econ guy on the panel. Is this a good development? Is this a bad development? What do you think?
Daniel Di Martino: I think the Chinese negotiation team probably knows more about what the U.S. wants than we do. At this point, I don’t know what’s the goal of U.S. policy with the tariffs on China. If the goal was decoupling from China, then you should have wanted to keep the tariffs, not lift them. And if the goal was to get them to lower the tariffs, well, now we have a higher tariffs than we did before. So it seems like, at least by those two very different goals that are exclusionary from each other, we aren’t achieving anything.