In this episode, Professor Edwin Burton joins Hunter Craig to discuss the recent implementation of tariffs by the U.S. government and their far-reaching effects on the economy. They delve into who truly bears the cost of tariffs, the unprecedented market reactions, and the potential long-term consequences for both domestic and international financial landscapes. Episode Breakdown: Introduction: Overview of current economic climate and introduction to the topic of tariffs. Tariffs Explained: Discussion on who pays tariffs and their intended versus actual effects. Market Reactions: Analysis of the unusual market responses following tariff announcements. International Implications: Examination of how other countries are responding and the potential global economic impact. Historical Context: Comparison to past economic events and policies, including the Smoot-Hawley Tariff Act. Conclusion: Final thoughts on the future of the economy in light of current policies. Relevant Links: U.S. Treasury Secretary’s Statement on China and Treasuries Howard Marks on the Risks of the Trade War Axios on Global Investment Shifts Due to Tariffs Professor Edwin T. Burton is a seasoned economist and former Wall Street executive with decades of experience analyzing economic trends. As a professor at the University of Virginia, he bridges academic knowledge and practical expertise to shed light on complex economic topics. His optimism and deep understanding of historical and modern economics make his insights invaluable to listeners.   Disclaimer: The information provided in this podcast is for educational and informational purposes only. It is not intended as financial advice and should not be relied upon as such. Always consult with a qualified financial professional before making investment decisions. Call to Action: Stay informed on economic policies and their real-world implications. Subscribe to Rubber Meets the Road Economics and join the conversation on how these changes affect you.