Security Economics

CFR's Brad Setser and Wiley Rein's Greta Peisch join Security Economics to look back at the year of trade and tariff news since Trump's proclaimed "Liberation Day" on April 2, 2025. The episode unpacks economic developments, trade deals, China, and where we might be headed in the year ahead.

Security Economics is back! And we have a great episode for the reboot, on critical minerals. The Trump Administration is doing a lot on critical minerals across both the domestic and international arenas. To help break it all down, Sahar Hafeez of Pillsbury and Arnab Datta of IFP join to talk about the minerals we all use every day, whether we know it or not.

Tax is an essential element of U.S. national security. The U.S. tax code can drive investments in strategic industries, and of course the U.S. has to pay for its defense and national security apparatus somehow. Georgetown Law Professor Itai Grinberg joins Security Economics to talk about why tax matters, his advice on how to use the tax code to drive industrial policy, and whether the tax code actually sends manufacturing offshore. No discussion of tax policy would be complete without talking about President Trump's favorite taxes, tariffs, as well as his new export taxes on computer chip sales to China. (Itai's historical analogy is both interesting and very funny). It is an interesting episode. And as a bonus, the last question is free personal tax advice for podcast listeners.

Security Economics Host Peter Harrell and CFR's Brad Setser break down Trump's August 1 tariff blitz, setting in place many of the higher tariff rates Trump initially threatened in April. We also talk Trump's recent "trade deals"--what is real, and what is not--and gaze in the trade crystal ball to talk about what is still to come. Episode recorded August 1, 2025.

With President Trump's announcement that he will let Japanese company Nippon Steel buy storied U.S. steelmaker U.S. steel, Security Economics dives into investment screening--how it the process works, what it looks at, and where it might be headed. And of course we talk about the "golden share" that the U.S. is getting in U.S. Steel as part of this deal. Security Economics is joined by Jim Secreto, an alum of Capitol Hill, the White House, the Treasury Department, and the Commerce Department. It's a great interview. Questions, comments, or topics you'd like to see covered? Email me at [email protected].

The Trump Administration is exploring the creation of an American sovereign wealth fund to make strategic investments for the U.S.--and possibly to hold stakes in things like TikTok. With news expected about the fund in the coming weeks, former White House official Daleep Singh joins Security Economics to talk about what a sovereign wealth fund is, how it could work and what it could do, and what the challenges will be. Plus, we talk a few other hot topics, like sanctions!Daleep is about to join PGIM, the global asset manager. He spoke with Security Economics in his personal capacity and before he joined PGIM.  

Peter and CFR’s Brad Setser discuss Trump's “Liberation Day” tariff announcement, including what Trump’s goals are, how bad the economic impacts might get, and what to expect from foreign retaliation. In short: the tariffs are broader and quicker than most of us expected, and the impacts might be akin to a $50 or more per barrel oil shock. On the other hand, maybe we'll get quick deals!Also, Brad has an idea for Europe to drastically cut the dollar value of its trade surplus with the US. (Hint: it is involves pharmaceuticals).

Harvard Professor and former White House Council of Economic Advisors Chair Jason Furman joins Security Economics to talk tariffs, President Biden's economic legacy, national security industrial policy, AI regulation, and export controls. Plus, just a bit of crypto. Furman had a recent article in Foreign Affairs Magazine, "The Post-Neoliberal Delusion," that argued Biden's economic policies actually resulted in less infrastructure and less investment than we could otherwise have seen. Especially coming from a prominent member of President Obama's cabinet, the article attracted quite a bit of attention. I wanted to ask Jason about it, as well as how he thinks we should do industrial policy for critical products, like computer chips. It was a great conversation, and we hope you enjoy it.

Two topics and two guests today. First, more tariffs! And then--can American build ships again? CFR’s Brad Setser joins to discuss all things trade war: whether we can see an emerging Trump tariff strategy, how Trump’s 2017 tax bill combined with new tariffs on pharmaceutical imports means the U.S. government will be paying pharmaceutical tariffs to itself, why Europe should respond to Trump’s tariffs by investing in its own domestic economy, and what to make of other countries striking trade deals with each other. Then (at minute 28.30) the Wilson Center’s William Henagan joins to talk U.S. shipbuilding: how it declines, and whether Trump’s plans to charge up to $1.5 million to dock a Chinese made ship at a U.S. port will help resurrect the industry.

It was another busy #TariffWeek, alongside news out of the AI Summit in Paris. C.J. Mahoney, who served as Deputy U.S. Trade Representative during Trump's first term, joins Security Economics to talk trade, AI, and how life on the west coast is different from his time in D.C. C.J. Mahoney currently serves as Deputy General Counsel at Microsoft, but joined the podcast in his personal capacity and was not speaking on behalf of Microsoft.

Brad Setser, Whitney Shepardson Senior Fellow at the Council on Foreign Relations, joins host Peter Harrell to make sense of President Trump's Feb. 1 tariff announcements, and what might come next.