Movie isn't over: Gita Gopinath on Trump tariffs and Carney's speech

India Today

Gita Gopinath, Indian-American economist and Professor of Economics at Harvard University, shares her insights on Canadian Prime Minister Mark Carney's remarks on shifting global economic order during the World Economic Forum in Davos and dealing with tariffs.

Transcript

00:00Agita, I don't know whether you caught Prime Minister Carney's speech yesterday in Davos.

00:04He basically declared independence from the American-dominated past.

00:10I want to ask you the question about dealing with tariffs in that context.

00:16I saw some of his, you know, what he said.

00:20It was pretty powerful.

00:22Indeed, it was a statement about the current global economic order

00:25and how that has basically ended and that we have to, you know, form new alliances.

00:32I think there was a big call to that.

00:34First of all, I don't think the movie is over, right?

00:37I mean, one of the reasons that the tariffs that have been announced so far from the U.S.

00:42has not been hugely consequential on the world is because the actual level of tariffs,

00:48and I did some research on this with the co-author last year,

00:50is the actual level of tariffs is a fraction of what the headline numbers and announcements are, right?

00:58So the statutory rate is about 24%.

01:01The actual rate is about 14%, right?

01:04Because there are so many exemptions and so many carve-outs.

01:07So every time I hear a number, I'm like, I want to wait and see exactly where something sticks.

01:13So that's been my first piece, is that we just don't know where all of this is headed.

01:18Okay?

01:18Okay.

01:19Okay.

01:20Okay.

01:22Okay.

01:32All right.

01:34Okay.

01:35Well, thanks.

01:36Okay.

01:36aging when Slime.

01:37Okay.

01:38All right.

01:39Okay.

01:39All right.

01:40Okay.

01:41Okay.

01:42All right.

01:42Okay.

01:43There we go.

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