Donald Trump is disrupting U.S. trade policy as never before. His tariff gyrations are roiling financial markets, raising the prospects of recession, and alarming allies. Steven Davis queries Chad Bown and Doug Irwin about the rupture in U.S. trade policy under Trump 2.0, the economic consequences, and what it would take to restore confidence in the United States as a reliable trade partner. For more information about the research and guest speakers, visit: https://www.hoover.org/research/trade-policy-rupture?utm_source=youtube&utm_medium=description&utm_campaign=ea_description ABOUT THE SERIES Each episode of Economics, Applied, a video podcast series, features senior fellow Steven Davis in conversation with leaders and researchers about economic developments and their ramifications. The goal is to bring evidence and economic reasoning to the table, drawing lessons for individuals, organizations, and society. The podcast also aims to showcase the value of individual initiative, markets, the rule of law, and sound policy in fostering prosperity and security. For more information, visit: https://www.hoover.org/podcasts/economics-applied?utm_source=youtube&utm_medium=description&utm_campaign=ea_youtube __________ The opinions expressed are those of the authors and do not necessarily reflect the opinions of the Hoover Institution or Stanford University. © 2025 by the Board of Trustees of Leland Stanford Junior University. 🔔 Subscribe for more discussions: @HooverInstitution 👍 Like and share this video! 🌐 Follow us on social media: • Facebook: https://www.facebook.com/HooverInstStanford • LinkedIn: https://www.linkedin.com/company/hoover-institution-at-stanford-university • Instagram: https://instagram.com/hooverinstitution • X: https://www.twitter.com/HooverInst