Wolfers: The Problem Is, Even if Trump’s Theory Could Work, ‘He’s Not Moving Expectations About Future Tariff Rates’

RUSH TRANSCRIPT HAYES Yeah ░░░░░░░░ mean so let s ░░░░░░░░ s take this for ░░░░░░░░ second Stay on this ░░░░░░░░ Let s say even ░░░░░░░░ the goal is to ░░░░░░░░ America American sock factories ░░░░░░░░ again And we need ░░░░░░░░ need to a renaissance ░░░░░░░░ American apparel manufacturing right ░░░░░░░░ in the good old ░░░░░░░░ Let s say that ░░░░░░░░ the goal Part of ░░░░░░░░ s so sort of ░░░░░░░░ about this entire undertaking ░░░░░░░░ it s going to ░░░░░░░░ a long time to ░░░░░░░░ the investment necessary to ░░░░░░░░ a bunch of apparel ░░░░░░░░ in the us Right ░░░░░░░░ if the only thing ░░░░░░░░ s making them pencil ░░░░░░░░ are these tariffs are ░░░░░░░░ going to be there ░░░░░░░░ 3 or 4 years ░░░░░░░░ your sock factory comes ░░░░░░░░ who the hell Like ░░░░░░░░ s no credibility or ░░░░░░░░ possible under these conditions ░░░░░░░░ even get the result ░░░░░░░░ that putatively you want ░░░░░░░░ is to bring apparel ░░░░░░░░ back WOLFERS Yeah Chris ░░░░░░░░ re asking me to ░░░░░░░░ your paper because you ░░░░░░░░ an a Right there ░░░░░░░░ you re exactly right ░░░░░░░░ I m building a ░░░░░░░░ the factory comes online ░░░░░░░░ five years and then ░░░░░░░░ for 50 years So ░░░░░░░░ thing that matters is ░░░░░░░░ m trying to decide ░░░░░░░░ to build a factory ░░░░░░░░ my expectation of the ░░░░░░░░ rate from about the ░░░░░░░░ 2030 for the next ░░░░░░░░ decades That s different ░░░░░░░░ the thing Trump s ░░░░░░░░ around which is the ░░░░░░░░ tariff rate And the ░░░░░░░░ is even if Trump ░░░░░░░░ theory could work he ░░░░░░░░ not moving expectations about ░░░░░░░░ tariff rates In fact ░░░░░░░░ all know that when ░░░░░░░░ announces a tariff on ░░░░░░░░ it may not be ░░░░░░░░ by Thursday let alone ░░░░░░░░ week next year or ░░░░░░░░ decade And it s ░░░░░░░░ that that s the ░░░░░░░░ where the chaos means ░░░░░░░░ re going to get ░░░░░░░░ the costs of the ░░░░░░░░ and None of the ░░░░░░░░ quickly.”