Podcast Summary: The Victor Davis Hanson Show | Episode: "Trump's Tariffs and the Great Depression" | Release Date: April 5, 2025

In this engaging episode of The Victor Davis Hanson Show, host Victor Davis Hanson and co-host Sammy Wink delve into the contemporary significance of Donald Trump's tariff policies, drawing parallels with the historical context of the Great Depression. The discussion weaves through economic theories, political strategies, and social implications, providing listeners with a comprehensive analysis of current events through a historical lens.

1. Introduction to Tariffs and Market Reactions

Timestamp: [01:37]

Sammy Wink opens the discussion by referencing Donald Trump's Liberation Day speech, highlighting its focus on tariffs and reciprocal trade measures. The hosts note the immediate market reaction, with the Dow dropping significantly.

Sammy Wink: "Donald Trump's Liberation Day speech... centered around tariffs... the Dow have seemed to have responded by dropping a little bit, 1600 points today on a Thursday..."

Timestamp: [03:42]

Victor questions the rationale behind imposing tariffs, especially when major economies like China, Vietnam, India, and Europe maintain significant tariff barriers themselves.

Victor Davis Hanson: "If tariffs are so bad, then why isn't the economy of China, Vietnam, India and Europe crashing?... Classical liberal economics say tariffs are terrible."

2. Tariffs vs. The Great Depression

Timestamp: [04:10]

Victor challenges the commonly held belief that tariffs were a primary cause of the Great Depression, citing economist Milton Friedman's argument that monetary policy and stock market speculation played more significant roles.

Victor Davis Hanson: "Milton Friedman pointed out... tariffs did not. They were a minor factor in the Great Depression... Most of it was monetary policy... wild speculation in Wall Street."

Timestamp: [24:41]

Sammy Wink segues into discussing the Great Depression, prompting Victor to provide a historical overview and its relevance to current tariff debates.

3. Impact on Farmers and the Manufacturing Sector

Timestamp: [16:01]

Victor explores how tariffs affect different sectors, particularly farmers and manufacturers. He argues that while tariffs may protect certain industries, they can also lead to higher costs for consumers and disrupt supply chains.

Victor Davis Hanson: "Most of them [farmers] are probably against tariffs because it's in the media... However, tariffs on parts can make production more expensive..."

Timestamp: [69:45]

The conversation touches on the broader economic implications, including the decline in real wages and the socio-economic struggles of the working class.

Victor Davis Hanson: "Wages have not gone up... because people are outsourcing and offshoring... there's a reason why males of the working classes between 18 and 30 are completely a lost generation."

4. Tariffs on Specific Countries and Global Responses

Timestamp: [12:34]

Sammy Wink highlights the selective application of tariffs by the US under Trump, noting exemptions and questioning the consistency in policy application.

Sammy Wink: "Tariffs are being applied to countries Trump has chosen not to apply those tariffs to. Russia, Cuba, China, North Korea or Belarus."

Timestamp: [25:24]

Victor discusses the retaliatory nature of tariffs and the challenges in maintaining consistent trade policies amidst global tensions.

Victor Davis Hanson: "Once you start to do it and you work at a disadvantage... your friends say, why would you treat your enemy better than us? So we're going to do it too."

5. The Great Depression: Causes and Comparisons

Timestamp: [42:42]

Victor provides an in-depth analysis of the Great Depression, emphasizing that it wasn't solely caused by tariffs but was significantly influenced by monetary policy failures and stock market speculation.

Victor Davis Hanson: "The Great Depression... was a monetary problem... People's banks started to fail, people started to hoard money... it was a circular problem."

Timestamp: [55:59]

He further elaborates on the international ramifications, explaining how the inability to effectively manage economic policies contributed to the rise of totalitarian regimes.

Victor Davis Hanson: "One of the results of the Great Depression... was the rise of Italy, Japan, and Germany... they survived the Depression by rearming and expanding their command economies."

6. Current Political Landscape: Gavin Newsom and the Democratic Party

Timestamp: [70:25]

The discussion shifts to California Governor Gavin Newsom and the Democratic Party's current strategies. Victor criticizes Newsom's lack of substantial policy initiatives despite public rhetoric.

Victor Davis Hanson: "Has he had any new initiative... No. Is he said... He hasn't done anything because he's just looked around and said this is what he's doing."

7. Listener Interaction and Closing Remarks

Timestamp: [84:29]

Towards the end, Victor addresses a listener comment from Ashley Kraft, discussing President Trump's authenticity and compassionate moments. He reflects on Trump's complex persona and the political challenges ahead.

Listener Comment (Ashley Kraft): "One of Trump's greatest assets... is his steady authenticity."

Victor Davis Hanson: "He's much more complex than his enemies make it out... he's very affable... he's got four years."

Notable Quotes with Attribution

1. Victor Davis Hanson [03:42]:

   "Milton Friedman pointed out... tariffs did not. They were a minor factor in the Great Depression... Most of it was monetary policy... wild speculation in Wall Street."

2. Sammy Wink [12:34]:

   "Tariffs are being applied to countries Trump has chosen not to apply those tariffs to. Russia, Cuba, China, North Korea or Belarus."

3. Victor Davis Hanson [42:42]:

   "The Great Depression... was a monetary problem... People's banks started to fail, people started to hoard money... it was a circular problem."

4. Listener Comment (Ashley Kraft) [84:29]:

   "One of Trump's greatest assets... is his steady authenticity."

Conclusion

In this episode, Victor Davis Hanson and Sammy Wink provide a nuanced examination of Donald Trump's tariff policies, situating them within both historical and contemporary economic frameworks. By drawing parallels with the Great Depression, they offer insights into the potential long-term implications of current trade strategies. Additionally, the discussion extends to political criticisms of leaders like Gavin Newsom and the Democratic Party, emphasizing the complex interplay between economic policies and socio-political dynamics.

Listeners gain a deeper understanding of how historical economic challenges inform present-day policy decisions, and the conversation underscores the importance of informed and strategic economic planning in navigating both domestic and international landscapes.

Note: This summary excludes advertisements, intros, outros, and non-content sections as per the podcast's structure.