Podcast Summary:

The Trade Guys x Export Stories — "Trading Tales with the Export Stories Podcast"
Date: October 21, 2025
Guests: Betsy Olam (Export Stories), Scott Miller, Bill Reinsch (the Trade Guys)
Host: Betsy Olam, Scott Miller, Bill Reinsch
Produced by: CSIS (Center for Strategic and International Studies)

Overview

This collaborative episode brings together CSIS's "The Trade Guys" and Betsy Olam, creator and host of the "Export Stories" podcast. The conversation explores the genesis and purpose of their respective podcasts, the power of storytelling in making complex trade topics relatable, and dives into current policy debates—especially on tariffs, onshoring, and agricultural subsidies. The tone is collegial, witty, and candid, with industry anecdotes and pointed commentary on the politics and real-world impacts of trade policy.

Key Discussion Points

1. Podcast Origins and Mission

[02:29 – 08:34]

The Trade Guys' Reason for Being:
- Trade policy is full of jargon and acronyms; the podcast aims to translate this for a general audience.
- "What we knew about the trade policy community is very dedicated, smart, creative people, but they often talked in their own language. … It was a closed circle." – Scott Miller [05:34]
- Their model: humor, brevity, and accessibility, inspired by NPR’s "Car Talk."
- “Brevity is the soul of wit. So we focus three issues, 30 minutes—the length of somebody's workout or commute.” – Scott Miller [07:04]
Export Stories' Genesis:
- Betsy wanted to spotlight overlooked everyday tales from American businesses trading abroad.
- The podcast started as a way to tell the underrepresented stories in exporting, drawing from her own career and experiences in sales and logistics.
- “Losers give speeches and lectures, winners tell stories, and the stories are what’s both memorable and relatable.” – Scott Miller [08:55]

2. The Human Side of Trade

[08:34 – 12:29]

Both shows emphasize the adventure, creativity, and serendipity of international commerce more than the numbers or legislation.
Betsy recounts the diversity of guests and businesses she's featured: bourbon distilleries, literary agents, tech and manufacturing firms.
- “What these all seem to have in common is a sense of adventure, a sense of discovery about the world at large.” – Scott Miller [11:53]
Scott notes the policy debate often misses this angle, spotlighting the creative problem-solving in trade.

3. Deep Dives into Policy: Tariffs and Onshoring

[12:29 – 23:44]

a) Tariffs on Furniture, Pharma, and Films

Betsy challenges the rationale for broad tariffs on critical goods.
Bill downplays the film tariff:
- "We actually have a trade surplus in movies, right? $15 billion surplus. We export a lot of movies. American culture is popular worldwide. So this is not a problem area." – Bill Reinsch [13:58]
- Argues classifying a film by nationality is “Mission Impossible.” [15:12]
Scott discusses the Trump administration's use of Section 232 (national security-based tariffs) and how that rationale may be stretched.
- “Now, most pharmaceuticals are derivative of fine chemicals… But doing it in the United States does provide some comfort to the national security types who worry that… chemicals have been outsourced to what’s potentially a geopolitical rival like China.” – Scott Miller [16:19]
Bill & Scott on disjuncture between tariffs (immediate effect) vs. onshoring (many years to build new plants):
- “The tariffs go into effect now… If you actually decide that you want to move your manufacturing here, that takes years.” – Bill Reinsch [17:19]

b) Who Pays for Tariffs?

American retailers and consumers bear the immediate burden.
Recent data: 64% paid by producers/retailers, 22% by consumers, 14% by foreign manufacturers.
- “Right now is some reluctance by American producers to raise prices… They did a lot of stockpiling earlier this year in anticipation of the tariffs.” – Bill Reinsch [19:01]
Expect more price pressures by the holidays and into the next year.

c) Tariffs as Revenue

Betsy asks if revenue might be the political goal.
- "That is correct, yes. $330 billion this year…there’s a 10% sort of statutory blanket tariff on most… imports." – Scott Miller [21:02]
Bill: The tariff logic shifted over time—from rebalancing foreign competition to also being a budgetary fix.
- “No matter who’s elected in 2028 to be the next president, we think the tariffs are likely to stay because Congress is going to be reluctant to part with the money.” – Bill Reinsch [22:46]

d) Political Logic and Economic Fallout

Scott: Tariffs make US products more attractive and shrink the current account deficit.
But he also notes lower regulation and cheap energy—great for the economy, though not climate.

4. The Jones Act and American Shipbuilding

[23:44 – 26:27]

Betsy recalls the decline of US-flagged ships and competitiveness, linking it to the Jones Act.
- Scott provides a "mini rant" on the historic law requiring US-built, crewed, and flagged ships for trade between US ports.
  - “What that means is…we build tugboats and barges…And distant parts…like Alaska, like Hawaii, pay much more for goods because the few Jones act vessels are inefficient.” – Scott Miller [25:15]
The Act, intended for national security, now often hinders efficiency.

5. Trade Relationships and Allies

[26:27 – 27:09]

Betsy and Scott emphasize the importance of strong alliances—highlighting Canada, Mexico, Japan, and Europe as key for US trade, despite policy friction.

6. Farmer Subsidies & World Trade Organization (WTO)

[27:09 – 33:44]

Betsy, based in Memphis, asks about farmer subsidies amid trade strife—especially for soybeans, and whether aids reach related sectors.
- “It would be…I think trickle up rather than trickle down, but probably not.” – Bill Reinsch [27:59]
Bill recounts the paradoxical US response to WTO losses: continuing subsidies but also compensating the harmed foreign competitors (e.g., the case with Brazil’s cotton farmers).
- “The US chose in this case…We continued subsidizing our cotton farmers and we added to that several hundred million dollars a year to subsidize Brazilian cotton farmers…” – Bill Reinsch [30:25]
Anecdote: A savvy intern helped Brazil win a WTO dispute, later snubbed by the US Trade Representative, showing the tangled realities of trade and public service.

Notable Quotes & Memorable Moments

On story vs. lecture [08:55]:
“Losers give speeches and lectures, winners tell stories…” — Scott Miller
On film tariffs [15:12]:
"Trying to figure out what makes a movie American...We thought that would be Mission Impossible." — Bill Reinsch
On the logic of tariffs [17:19]:
“The tariffs go into effect now...If you actually decide that you want to move your manufacturing here, that takes years.” — Bill Reinsch
On the Jones Act [25:15]:
“[It] protected delivery from US port to US Port...What that means is…we build tugboats and barges...And distant parts...like Alaska, like Hawaii, pay much more for goods…” — Scott Miller
On bizarre US trade policy outcomes [30:25]:
“We continued subsidizing our cotton farmers and we added...several hundred million dollars a year to subsidize Brazilian cotton farmers...” — Bill Reinsch
On future discussions [33:59]:
“We’ll do it again when we find out what the price impact of the tariffs has been.” — Bill Reinsch

Timestamps for Important Segments

[02:29] Trade Guys introduction & origin story
[08:34] Betsy on storytelling and Export Stories’ evolution
[12:29] Discussion on tariffs—furniture, pharma, and films
[19:01] Who pays tariffs? Producer/retailer/consumer breakdown
[21:02] Are tariffs about government revenue?
[23:44] The Jones Act and shipping—historic policy, present headache
[27:09] Farmer subsidies, WTO disputes, and the cotton anecdote
[33:59] Wrap up and future plans

Tone and Style

The hosts and guests alternate between sharp policy explanation and approachable wit. They’re candid about both the high-stakes impacts and the bureaucratic oddities of trade policy. Personal stories and real-world examples make the technical content accessible to non-specialist listeners.

Conclusion

This crossover episode blends topical policy commentary, entertaining anecdotes, and straight talk about the real consequences (and quirks) of US trade. The Trade Guys and Betsy Olam succeed in making international commerce both understandable and compelling, reminding listeners that behind every tariff and statute lie millions of individual stories.

Podcast Summary:

Overview

Key Discussion Points

1. Podcast Origins and Mission

[02:29 – 08:34]

The Trade Guys' Reason for Being:
- Trade policy is full of jargon and acronyms; the podcast aims to translate this for a general audience.
- "What we knew about the trade policy community is very dedicated, smart, creative people, but they often talked in their own language. … It was a closed circle." – Scott Miller [05:34]
- Their model: humor, brevity, and accessibility, inspired by NPR’s "Car Talk."
- “Brevity is the soul of wit. So we focus three issues, 30 minutes—the length of somebody's workout or commute.” – Scott Miller [07:04]
Export Stories' Genesis:
- Betsy wanted to spotlight overlooked everyday tales from American businesses trading abroad.
- The podcast started as a way to tell the underrepresented stories in exporting, drawing from her own career and experiences in sales and logistics.
- “Losers give speeches and lectures, winners tell stories, and the stories are what’s both memorable and relatable.” – Scott Miller [08:55]

2. The Human Side of Trade

[08:34 – 12:29]

Both shows emphasize the adventure, creativity, and serendipity of international commerce more than the numbers or legislation.
Betsy recounts the diversity of guests and businesses she's featured: bourbon distilleries, literary agents, tech and manufacturing firms.
- “What these all seem to have in common is a sense of adventure, a sense of discovery about the world at large.” – Scott Miller [11:53]
Scott notes the policy debate often misses this angle, spotlighting the creative problem-solving in trade.

3. Deep Dives into Policy: Tariffs and Onshoring

[12:29 – 23:44]

a) Tariffs on Furniture, Pharma, and Films

Betsy challenges the rationale for broad tariffs on critical goods.
Bill downplays the film tariff:
- "We actually have a trade surplus in movies, right? $15 billion surplus. We export a lot of movies. American culture is popular worldwide. So this is not a problem area." – Bill Reinsch [13:58]
- Argues classifying a film by nationality is “Mission Impossible.” [15:12]
Scott discusses the Trump administration's use of Section 232 (national security-based tariffs) and how that rationale may be stretched.
- “Now, most pharmaceuticals are derivative of fine chemicals… But doing it in the United States does provide some comfort to the national security types who worry that… chemicals have been outsourced to what’s potentially a geopolitical rival like China.” – Scott Miller [16:19]
Bill & Scott on disjuncture between tariffs (immediate effect) vs. onshoring (many years to build new plants):
- “The tariffs go into effect now… If you actually decide that you want to move your manufacturing here, that takes years.” – Bill Reinsch [17:19]

b) Who Pays for Tariffs?

American retailers and consumers bear the immediate burden.
Recent data: 64% paid by producers/retailers, 22% by consumers, 14% by foreign manufacturers.
- “Right now is some reluctance by American producers to raise prices… They did a lot of stockpiling earlier this year in anticipation of the tariffs.” – Bill Reinsch [19:01]
Expect more price pressures by the holidays and into the next year.

c) Tariffs as Revenue

Betsy asks if revenue might be the political goal.
- "That is correct, yes. $330 billion this year…there’s a 10% sort of statutory blanket tariff on most… imports." – Scott Miller [21:02]
Bill: The tariff logic shifted over time—from rebalancing foreign competition to also being a budgetary fix.
- “No matter who’s elected in 2028 to be the next president, we think the tariffs are likely to stay because Congress is going to be reluctant to part with the money.” – Bill Reinsch [22:46]

d) Political Logic and Economic Fallout

Scott: Tariffs make US products more attractive and shrink the current account deficit.
But he also notes lower regulation and cheap energy—great for the economy, though not climate.

4. The Jones Act and American Shipbuilding

[23:44 – 26:27]

Betsy recalls the decline of US-flagged ships and competitiveness, linking it to the Jones Act.
- Scott provides a "mini rant" on the historic law requiring US-built, crewed, and flagged ships for trade between US ports.
  - “What that means is…we build tugboats and barges…And distant parts…like Alaska, like Hawaii, pay much more for goods because the few Jones act vessels are inefficient.” – Scott Miller [25:15]
The Act, intended for national security, now often hinders efficiency.

5. Trade Relationships and Allies

[26:27 – 27:09]

Betsy and Scott emphasize the importance of strong alliances—highlighting Canada, Mexico, Japan, and Europe as key for US trade, despite policy friction.

6. Farmer Subsidies & World Trade Organization (WTO)

[27:09 – 33:44]

Betsy, based in Memphis, asks about farmer subsidies amid trade strife—especially for soybeans, and whether aids reach related sectors.
- “It would be…I think trickle up rather than trickle down, but probably not.” – Bill Reinsch [27:59]
Bill recounts the paradoxical US response to WTO losses: continuing subsidies but also compensating the harmed foreign competitors (e.g., the case with Brazil’s cotton farmers).
- “The US chose in this case…We continued subsidizing our cotton farmers and we added to that several hundred million dollars a year to subsidize Brazilian cotton farmers…” – Bill Reinsch [30:25]
Anecdote: A savvy intern helped Brazil win a WTO dispute, later snubbed by the US Trade Representative, showing the tangled realities of trade and public service.

Notable Quotes & Memorable Moments

On story vs. lecture [08:55]:
“Losers give speeches and lectures, winners tell stories…” — Scott Miller
On film tariffs [15:12]:
"Trying to figure out what makes a movie American...We thought that would be Mission Impossible." — Bill Reinsch
On the logic of tariffs [17:19]:
“The tariffs go into effect now...If you actually decide that you want to move your manufacturing here, that takes years.” — Bill Reinsch
On the Jones Act [25:15]:
“[It] protected delivery from US port to US Port...What that means is…we build tugboats and barges...And distant parts...like Alaska, like Hawaii, pay much more for goods…” — Scott Miller
On bizarre US trade policy outcomes [30:25]:
“We continued subsidizing our cotton farmers and we added...several hundred million dollars a year to subsidize Brazilian cotton farmers...” — Bill Reinsch
On future discussions [33:59]:
“We’ll do it again when we find out what the price impact of the tariffs has been.” — Bill Reinsch

Timestamps for Important Segments

[02:29] Trade Guys introduction & origin story
[08:34] Betsy on storytelling and Export Stories’ evolution
[12:29] Discussion on tariffs—furniture, pharma, and films
[19:01] Who pays tariffs? Producer/retailer/consumer breakdown
[21:02] Are tariffs about government revenue?
[23:44] The Jones Act and shipping—historic policy, present headache
[27:09] Farmer subsidies, WTO disputes, and the cotton anecdote
[33:59] Wrap up and future plans

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Trading Tales with the Export Stories Podcast

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Summary

Podcast Summary:

Overview

Key Discussion Points

1. Podcast Origins and Mission

2. The Human Side of Trade

3. Deep Dives into Policy: Tariffs and Onshoring

a) Tariffs on Furniture, Pharma, and Films

b) Who Pays for Tariffs?

c) Tariffs as Revenue

d) Political Logic and Economic Fallout

4. The Jones Act and American Shipbuilding

5. Trade Relationships and Allies

6. Farmer Subsidies & World Trade Organization (WTO)

Notable Quotes & Memorable Moments

Timestamps for Important Segments

Tone and Style

Conclusion

Summary

Podcast Summary:

Overview

Key Discussion Points

1. Podcast Origins and Mission

2. The Human Side of Trade

3. Deep Dives into Policy: Tariffs and Onshoring

a) Tariffs on Furniture, Pharma, and Films

b) Who Pays for Tariffs?

c) Tariffs as Revenue

d) Political Logic and Economic Fallout

4. The Jones Act and American Shipbuilding

5. Trade Relationships and Allies

6. Farmer Subsidies & World Trade Organization (WTO)

Notable Quotes & Memorable Moments

Timestamps for Important Segments

Tone and Style

Conclusion