DT #544 The Tariff Debate: Understanding Its Impact - Ryan Monarch Assistant Professor, Economics Department Syracuse University

Develop This: Economic and Community Development

In this episode of the Develop This Podcast, Dennis Fraise interviews Ryan Monarch Assistant Professor, Economics Department Syracuse University, an expert in international trade and economics, to discuss the complexities of tariffs and their implications on the economy. The conversation covers the definition of tariffs, their historical context, their role in modern trade, and the economic and consumer impacts. Ryan explains how tariffs can affect supply chains, consumer choices, and the overall market dynamics while also addressing the political motivations behind tariff implementation. The discussion highlights the challenges and uncertainties businesses face in a fluctuating tariff environment and the long-term effects of such policies on the economy.

Takeaways

• A tariff is an increase in the price of imported goods.
• Tariffs have been a source of government revenue since the founding of the US.
• President McKinley was known for his pro-tariff stance.
• Tariffs are used to protect domestic industries from foreign competition.
• The scale of tariffs under President Trump is unprecedented in modern history.
• Higher tariffs can lead to increased prices for consumers.
• Tariffs can disrupt established supply chains and consumer choices.
• The burden of tariffs often falls on US importers, not foreign producers.
• Economists generally believe that tariffs create more losers than winners.
• The long-term effects of tariffs on the economy can take years to understand fully.

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Ryan Monarch researches buyer-supplier relationships in international trade and how the recent tariff war affected U.S. exports and supply chains. He served as a Principal Economist for the International Finance division of the Board of Governors of the Federal Reserve from 2014-2021. His work has been published in the Review of Economics and Statistics, the Journal of International Economics and other publications. His research has been cited by The Wall Street Journal, The New York Times, Bloomberg, The Economist and Reuters, among others. He received a Ph.D. in economics from the University of Michigan in 2014.