My guest today for the second time is Mark Dow. Mark is one of my favourite thinkers on Macro, and his experience at the IMF, the US Treasury, and Wall Street gives him a truly unique perspective for the current moment. As we went through one of the biggest market and policy upheavals of my career, I reached out to Mark to help us make sense of this situation. We recorded this episode on Thursday, the 10th of April, and talked about the general principle behind tariffs, the global trading system, the goals of President Trump, and the market reaction. Please enjoy this conversation with Mark Dow.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

-----

Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @makingmkts | @ericgoldenx

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes

(00:00:00 ) Welcome to Invest Like the Best

(00:00:07 ) Understanding Tariffs: Historical Context and Rationale

(00:01:05 ) China's Role in Global Trade

(00:01:54 ) Impact of Automation on Jobs

(00:03:07 ) Trump's Trade Policies and Their Implications

(00:04:20 ) Challenges with Current Tariff Approaches

(00:05:37 ) Global Trade Imbalances and Misconceptions

(00:06:07 ) Market Reactions and Economic Consequences

(00:21:35 ) Political Shifts and Economic Policies

(00:25:56 ) Trump's Economic Policies and Wage Stagnation

(00:26:42 ) Tariffs and Their Impact on Small Businesses

(00:27:20 ) Market Reactions and Economic Surprises

(00:28:41 ) Equity and Credit Market Dynamics

(00:30:59 ) China's Strategic Moves and Market Implications

(00:33:49 ) The Fed's Role in Economic Stability

(00:39:00 ) Global Trade Relations and Soft Power

(00:49:08 ) Negotiating with Trump: Strategies and Challenges

Learn more about your ad choices. Visit megaphone.fm/adchoices