Signs point to an escalating trade war, with tensions rapidly rising, former Deputy Director of the National Economic Council Everett Eissenstat says.
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00:00Is it a bit early, do you think, to be talking about a trade war? Has the trade war begun?
00:05No, I don't think it's too early to talk about it. We are at the beginning of a trade volatility
00:13that hasn't been seen in decades. So I don't know that anybody can really identify exactly
00:19what a trade war looks like, but it certainly looks like we're edging that way fairly quickly.
00:24And again, just to remind everyone that this is just the beginning. This is on top of the
00:29China tariffs under 301, the 232 steel and aluminum tariffs. There's a number of other
00:33investigations ongoing under 232, including on copper and lumber. He's talked about tariffs
00:41on pharmaceuticals and semiconductors. And then, of course, the big one, as he calls
00:47it, the reciprocal tariffs that are coming in in April, early April, will really set
00:51the tone for a lot of very, very significant volatility. So yeah, I don't know that we're
01:00seeing it today, but we're certainly getting very, very close.