In this episode of Politics in Perspective, hosts Marcia Bumgardner and Charles McCoy delve into the complex topic of tariffs. They discuss the recent news on President Trump's announcement of a 25% tariff on goods from Mexico and Canada, its potential implications for American consumers, and the broader economic landscape. Charles provides an insightful historical overview of tariffs in the U.S., from the Tariff Act of 1789 to modern trade policies.
The conversation explores the dual roles of tariffs in raising government revenue and protecting domestic industries, while also considering their impact on international relations and consumer prices. With real-world examples and expert insights, this episode aims to demystify tariffs and their significance in contemporary politics.
00:00 Welcome and Introduction
00:48 Tariffs in the News
03:30 Understanding Tariffs: Who Pays?
08:57 Purpose and Impact of Tariffs
19:14 Historical Context of Tariffs
29:12 The Civil War and Tariff Changes
29:32 The McKinley Tariff of 1890
30:52 The Revenue Act of 1913
32:18 The Great Depression and the Smoot-Hawley Tariff
35:25 Shift of Tariff Power to the President
37:24 Modern Tariff Policies and Trump
42:41 Potential Upsides and Downsides of Tariffs
49:59 Final Thoughts and Conclusion