Transcript
Introduction
Eric
My guest today is Mark Dow. Mark is one of my favorite macro investors and commentators. His experience at the IMF, the U.S. Treasury, and Wall Street gives him truly a unique perspective for the current market 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 the situation.
We recorded this episode on Thursday, 10th April, and talked about general principles behind tariffs, the global trading system, the goals of President Trump, and the market reaction. Please enjoy this conversation with Mark Dow.
Eric
I'm really excited to do this. Mark, thanks for coming back on. All the talk has been about tariffs. It's been a crazy five days. I thought a good place to start would be to rewind to understand: why do countries impose tariffs? What is the general belief on the economic and reaction function of doing a tariff from one country to another?