S8 Ep111: Veronique De Rugy discusses US industrial policy, noting the trade deficit has increased despite tariffs, and the administration's decision to remove tariffs on food items—goods not produced

Veronique De Rugy discusses US industrial policy, noting the trade deficit has increased despite tariffs, and the administration's decision to remove tariffs on food items—goods not produced domestically—is seen as an implicit admission that tariffs contribute to the "affordability crisis" because tariffs are a tax primarily borne by American consumers. The goals behind tariffs have shifted from fighting China to raising revenue, and the largest tariff exemption is for computer parts, indicating an understanding that tariffs could contradict other goals like energy abundance. De Rugyargues that US economic power stems from innovation and a willingness to invest, making industrial policy involving tariffs and seeking foreign investment largely unnecessary and potentially harmful. 1947