Summary of "Well, He Did It" Episode of The Commentary Magazine Podcast

Podcast Information:

• Title: The Commentary Magazine Podcast
• Host/Author: Commentary Magazine
• Episode: Well, He Did It
• Release Date: April 3, 2025

1. Introduction and Context

The episode titled "Well, He Did It" delves into the recent unilateral imposition of tariffs by the United States, excluding Canada and Mexico, and explores the multifaceted implications of this decision. Hosted by John Podhoretz, the podcast features insightful discussions with executive editor Abe Greenwald, Washington Commentary columnist Matthew Continetti, and economic commentator David Bonson.

Notable Quotes:

• David Bonson (00:04): "Hope for the best, expect the worst..."
• John Podhoretz (00:21): "Welcome to the Commentary magazine daily podcast. Today is Thursday, April 3rd, 2025."

2. Analysis of the Tariffs

The central focus of the discussion revolves around the U.S. government's decision to impose tariffs globally at a minimum of 10%, sparing only Canada and Mexico for specific reasons. Podhoretz raises concerns about the unprecedented nature of this move, questioning its alignment with established economic principles.

Notable Quotes:

• John Podhoretz (00:56): "How momentous a shift in everything that you yourself were taught, learned...what the United States simply unilaterally imposes tariffs."
• Abe Greenwald (03:03): "The big paradigm shift is that this is coming from the right."

3. Economic Implications

A significant portion of the conversation critiques the economic rationale behind the tariffs. Greenwald argues that the tariffs undermine essential economic strengths, particularly the U.S.'s status as a net exporter of services. He emphasizes that building domestic capacity to replace imports would require exorbitant investments, likely leading to higher consumer costs and potential recession.

Notable Quotes:

• Abe Greenwald (04:09): "But the general economic pretense...the President's gone in three years."
• John Podhoretz (06:36): "Can we talk about the service sector? Because the United States is a net exporter of services. That is our great strength in our economy."

4. Political Dynamics

The episode highlights the constitutional concerns arising from the tariffs, particularly the executive branch’s overreach in imposing trade restrictions without congressional approval. Greenwald criticizes Republicans for supporting what he terms "imperialism of a President," pointing out that such actions bypass constitutional norms.

Notable Quotes:

• Abe Greenwald (03:03): "Republicans are all tolerating the imperialism of a President."
• John Podhoretz (36:52): "All laws apply equally to all federal laws apply equally to all people."

5. Comparisons to Historical Events

Podhoretz and Bonson draw parallels between the current tariffs and historical trade policies like the Smoot-Hawley tariffs of 1931, which exacerbated the Great Depression. They debate the extent to which the current situation mirrors past economic downturns caused by protectionist policies.

Notable Quotes:

• John Podhoretz (28:56): "The Smoot Hawley tariffs...create this worldwide trade war that deepened and solidified the Depression for a decade."
• David Bonson (49:52): "We don't have to get into the niceness of the Napoleonic campaigns, but nonetheless, the question is, is this Austerlitz or is it Waterloo?"

6. Future Projections and Concerns

The speakers express apprehension about the long-term effects of the tariffs, including reduced capital investment due to increased economic uncertainty. Greenwald warns that even if there are temporary mitigation strategies, the foundational impact on GDP and economic growth remains detrimental.

Notable Quotes:

• Abe Greenwald (24:06): "Capital investment does get hindered by uncertainty."
• John Podhoretz (50:46): "This is just like the same thing right? Which is, oh, national security Act of 1952...this is a very deeply important moment."

7. Recommendations and Conclusion

Towards the end of the episode, Podhoretz recommends Jude Winisky’s "The Way the World Works" as a crucial text on supply-side economics, highlighting its influence on Republican economic policies. Bonson adds that despite personal challenges during the recording, the discussion underscores the need for adhering to free enterprise principles to foster economic stability and growth.

Notable Quotes:

• John Podhoretz (62:04): "I got two things to say about that book...My late mother, Midge Dector..."
• David Bonson (65:36): "Can Javier Malay call up President Trump and just explain this policy?"

Conclusion

In "Well, He Did It," The Commentary Magazine Podcast critically examines the United States' recent imposition of tariffs, exploring its economic, political, and historical ramifications. Through incisive analysis and compelling dialogue, the episode underscores the potential risks of protectionist policies and advocates for a return to foundational free-market principles to ensure long-term prosperity and stability.

Note: The podcast briefly touches upon unrelated segments and advertisements, which have been omitted from this summary to maintain focus on the core discussions.