Why Trump Is Wrong About Tariffs

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In February 2025, former President Donald Trump announced sweeping tariffs on imports from China, Mexico, and Canada — reigniting fears of a global trade war. Since the announcement, the NASDAQ has dropped 9.5%, and GDP forecasts have fallen across North America:

Our video unpacks Trump’s tariff strategy, tracing it back to Alexander Hamilton’s 1791 Report on Manufactures and exploring how protectionist trade policy has evolved over the last 200 years.

We dive into:
- The full history of U.S. tariffs from 1789 to today
- The effects of Trump’s 2018 tariffs on steel, aluminum, solar panels, and Chinese imports
- Why U.S. manufacturing didn’t recover, even as steel production rose 5.1% and added just 5,400 jobs
- The rise of nearshoring and how China rerouted exports through Mexico and Vietnam
- The shrinking of the U.S.–China trade deficit, alongside a 14% increase in the global trade deficit
- The backlash from Canada, China, and others and how retaliatory tariffs hit U.S. exporters
- How foreign direct investment in U.S. manufacturing dropped 38% during Trump’s first term
- We also examine the theory behind the “Mar-a-Lago Accords,” a proposed multilateral currency agreement by Trump’s economic advisor Stephen Miran, aimed at devaluing the U.S. dollar and restructuring the global trading system.

Tariffs are being sold as a quick fix to protect American industry, but the economic evidence tells a different story. From inflation to global supply chain shifts, the real cost of protectionism is becoming harder to ignore.

00:00 - Intro
00:46 - Uncle Tariff
03:30 - The Most Beautiful Word
07:10 - Houston We Have A Tariff
12:56 - Conclusion