What kind of US economy will emerge from the policies of Donald Trump? Will it be more or less competitive and resilient than what the president inherited at the start of the year?

​Host Stephanie Flanders put that question to an all-star panel at the Milken conference in May. Here's an edited version of the conversation that followed, featuring Gary Cohn, IBM Vice Chairman, former director of the National Economic Council and former chief economic advisor to Trump; Peter Orszag, CEO and Chairman of Lazard and former director of the Office of Management and Budget under President Barack Obama; and Kevin McCarthy, 55th Speaker of the US House of Representatives.

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This week, 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.

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Framed as a tool to protect American workers, rebalance trade and revive the nation’s domestic industry, the tariffs levied by Donald Trump came with a promise of bold results. On this episode of Trumponomics, Richard Baldwin, professor of international economics at IMD Business School, says the trade war is unlikely to accomplish its stated goals and that the world may very well leave America behind.

Imposed unilaterally and outside the guardrails of the World Trade Organization, the president’s tariffs represent a sharp break from decades of US policy. Baldwin, author of The Great Trade Hack: How Trump’s Trade War Fails and Global Trade Moves On, tells host Stephanie Flanders, Bloomberg’s head of Economics and Government, that the levies weren’t about reciprocity or even results. Instead, they are about “grievance.”

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