Tune In Stephanomics

With US President Donald Trump’s self-imposed Aug. 1 deadline having come and gone, trading partners across the globe are digesting what his new threatened tariffs might mean for them. Countries like the UK appear moderately pleased with their 10% rate while nations such as Switzerland are aghast at levies as high as 39%—so much that Swiss President Karin Keller-Sutter traveled to Washington to negotiate directly before they’re initiated fully, which Trump promises will happen on Aug. 7. But it’s early days yet in Trump’s trade war, and everything from the unexpected movement of the dollar to negative jobs data and $1 trillion in trade exemptions continues to cloud the picture. On this episode of Trumponomics, we try to understand how Trump’s tariffs (which, to add more complexity, an appeals court could soon rule illegal) are currently affecting US businesses, China and the rest of the world. Host Stephanie Flanders is joined Bloomberg Economics Chief US Economist Anna Wong and Bloomberg News senior correspondent Shawn Donnan to discuss it all.

On this week’s Trumponomics, we unpack the promise and peril for America of Trump’s AI vision. Host Stephanie Flanders is joined by Michael Deng, geoeconomics technology analyst for Bloomberg Economics, and Parmy Olson, a columnist with Bloomberg Opinion and author of the book Supremacy: AI, ChatGPT and the Race That Will Change the World. Together, they discuss how the administration’s plans when it comes to tariffs, energy and other issues risk isolating the US from the very global tech ecosystem it’s trying to dominate.

On this episode of Trumponomics, we discuss whether Jerome Powell has overestimated the risk of inflation stemming from the US trade war. Joining us are Oren Cass, founder and chief economist at American Compass and Anna Wong, chief US economist at Bloomberg Economics who served in various roles in Trump’s first administration. Along with host Stephanie Flanders, they examine whether the Fed has been getting it wrong on rates, and if so, why.

On this episode of Trumponomics, we examine whether Donald Trump’s efforts to deregulate traditional finance and move crypto further into the mainstream are laying the groundwork for a financial crisis or simply fixing bureaucratic overreach stemming from the last one. Christine Harper, a member of Bloomberg’s editorial board and co-author of a memoir by former Federal Reserve Chair Paul Volcker, and Katanga Johnson, who covers banking regulation for Bloomberg join host Stephanie Flanders.

On this episode of Trumponomics, we examine whether Donald Trump’s efforts to deregulate traditional finance and move crypto further into the mainstream are laying the groundwork for a financial crisis or simply fixing bureaucratic overreach stemming from the last one. Christine Harper, a member of Bloomberg’s editorial board and co-author of a memoir by former Federal Reserve Chair Paul Volcker, and Katanga Johnson, who covers banking regulation for Bloomberg join host Stephanie Flanders.

This week, we explore how the legislation’s attack on renewable energy may push up electricity bills and damage US competitiveness in AI. The tax credits in President Joe Biden’s sprawling Inflation Reduction Act were introduced to help the US keep up with rising electricity demand by making clean power sources cheaper. But now the big bill has changed all that, and an executive order issued days after its passage suggests his war on renewables isn’t over yet. Joining host Stephanie Flanders to discuss this dramatic turn of events (and why members of Congress from states raking in renewable investments supported the bill) are guests Ethan Zindler, head of country and policy research at BloombergNEF and previously climate counselor to US Treasury Secretary Janet Yellen, and Bloomberg lobbying and influence reporter Emily Birnbaum.

On this episode of Trumponomics, we focus on US President Donald Trump’s crackdown on immigration, what’s at stake for businesses and the economy, what harm has been done already and whether the administration could change course. Jonathan Levin, a Bloomberg Opinion columnist focused on US markets and economics, and Kate Davidson, Bloomberg’s managing editor for US economic policy, join host Stephanie Flanders to discuss the many consequences of Trump’s signature campaign promise, whether his administration is likely to modulate its policies—and whether there could be long-term benefits to the broader economy of forcing employers to offer higher wages and better conditions to attract the workers they need.

In this episode of Trumponomics, we explore whether Donald Trump’s attack on Iran changes the calculus on his “reciprocal” tariffs and a looming deadline. Host Stephanie Flanders is joined by John Authers, senior editor for markets and a Bloomberg Opinion columnist, and Shawn Donnan, senior reporter covering economics, to discuss how markets have been thinking about the July deadline, and how the multitrillion-dollar price tag for the “big beautiful bill” Trump hopes to get through Congress may have raised the probability of a baseline 10% tariff.

On this episode of Trumponomics, we ask what Israel’s war with Iran, Donald Trump’s public musings about sending America to fight again in the Middle East and a potentially soaring oil price would mean for the US economy—and the 79-year-old Republican’s economic plans. We also address why those high oil prices haven’t yet come to pass. Host Stephanie Flanders is joined by Jennifer Welch, chief geoeconomics analyst for Bloomberg Economics and Ziad Daoud, chief emerging markets economist for Bloomberg Economics and senior fellow at the Harvard Kennedy School.

On this episode of Trumponomics, host Stephanie Flanders, Bloomberg’s Head of Government and Economics, leads a panel from the Hong Kong Invest conference to unpack the latest round of high-stakes trade talks between the US and China, exploring why Beijing may still have the upper hand and how far any decoupling of the two economies will go. She's joined by Robin Xing, Chief China Economist at Morgan Stanley, Lotus Asset Management Chief Investment Officer Hao Hong, and Bloomberg reporter Rebecca Choong Wilkins.

On this episode of Trumponomics, we’re checking in on the status of Donald Trump’s trade war. Host Stephanie Flanders is joined by Anna Wong, chief US economist at Bloomberg Economics, for insight into the economic impact of the US president’s policies so far, and Bloomberg White House Reporter Josh Wingrove, who unpacks how the strategy is evolving. They analyze the legal battle over Trump’s tariffs and concern on Wall Street that the trade war could morph into a capital war.

Host Stephanie Flanders, Bloomberg’s Head of Government and Economics, leads a panel from the Qatar Economic Forum in Doha to explore the question of what Trumponomics means for the Middle East. It turns out the answer may be—as Donald Trump would put it—a lot of winning. Dina Esfandiary, Middle East geoeconomics lead for Bloomberg Economics, Ziad Daoud, chief emerging markets economist for Bloomberg Economics, and John Micklethwait, Bloomberg’s Editor in Chief, feature on the panel.

We’re stepping back from the recent series of reversals, deals and temporary ceasefires in Donald Trump’s trade war to ask a few questions—namely does the US president have a strategy, and if so how’s it going and what comes next? Stephen Moore, the author of The Trump Economic Miracle and a senior fellow in economics at the Heritage Foundation, and Bloomberg Senior White House Reporter Josh Wingrove join.

The annual Milken Institute Global Conference represents one of the greatest concentrations of investment capital on the planet, and this year’s gathering was no exception. One can assume the investing titans and financial leaders who paid a pretty penny to attend were looking for answers from speakers like US Treasury Secretary Scott Bessent on the Trump administration’s plans for tariffs, tax cuts and deregulation. But while this week’s Trumponomics episode was recorded at the conference, we took a different tack. Instead, we looked for answers in the past. Host Stephanie Flanders spoke with historian and commentator Niall Ferguson and CNN host and author Fareed Zakaria about Trump’s economic worldview and how it stacks up against reality—and history.

On this episode of Trumponomics, we discuss why India stands to gain from the US trade war with China and the rest of the world. Host Stephanie Flanders speaks with Bloomberg senior editor Chris Anstey and reporter Shruti Srivastava, as well as Bloomberg Economics senior India economist Abhishek Gupta. They look at how India has been able to pull ahead of rivals as the US roils the world, and specifically whether the Republican in the White House may unintentionally be boosting the South Asian nation’s long-term ambitions to replace China as the “factory of the world.”

What are the long-term implications of Donald Trump's attacks on Federal Reserve Chair Jerome Powell? Host Stephanie Flanders is joined by Krishna Guha, vice chairman of Evercore ISI and head of its Global Policy and Central Bank Strategy Team, and Bloomberg managing editor Kate Davidson. “Up to this point, the market has confidence that the Fed will do whatever turns out to be necessary to prevent this initial, very big wave of one-time tariff inflation,” Guha says. “But that’s premised on the idea the Fed is free to do what it judges as needed.” As bad as Trump’s trade war has been for markets, Guha warns that if Wall Street begins to doubt Fed independence, things could get much worse.

On this week’s episode of Trumponomics, we speak with economist Nouriel Roubini about the all-out trade war US President Donald Trump has kicked off with China, and why it’s a conflict Chinese leader Xi Jinping might think he can weather—and even win.

On this week’s episode of Trumponomics, we discuss what the rollout of President Donald Trump’s tariff plan has taught us about the Administration's economic strategy and the future of the US economy. In Trump’s first term, market participants could count on the President adjusting policy if it seemed to be hurting the stock market. Now recession and inflation risks are rising and both the stock market and the US sovereign bond market are flashing red but it’s not clear that the President and his advisors even care. Host Stephanie Flanders, Bloomberg’s head of government and economics, is joined by senior editor Ed Harrison, author of Bloomberg’s Everything Risk newsletter and Bloomberg’s senior national political correspondent, Nancy Cook. Making the 2017 tax cuts permanent has been floated as a way to ease the pain for markets and consumers. But for Harrison and Flanders, that raises further parallels with Britain’s Liz Truss: “in the short term we could see recession”, according to Harrison “but longer term, it could mean a depreciating currency, inflation and maybe a crisis of confidence in America’s public finances and its ability to govern.”

US President Donald Trump’s administration said it’s still finalizing plans to unveil what could be a barrage of new tariffs on America’s trading partners around the world. Trump contends he is waging his global trade war to fix a system he considers unfair to the US. On this week's Trumponomics podcast, we’re going to look at this strategy. But rather than analyze the potential economic impact, we instead look at how the world arrived at this moment. Host Stephanie Flanders is joined by Martin Wolf, chief economics commentator at the Financial Times. They discuss whether the countries now in the firing line of America’s tariffs (and primed to retaliate in kind) should have seen Trump’s trade war coming. They also explore how the trade imbalances the US administration is targeting aren’t an accident and can potentially lead to an unstable global economy.