Martin Wolf has been called one of the world's most important economics commentators, and has for decades written in columns and his own books about the evolution of the global economy, chronicling the rise of globalization and the subsequent pushback to liberal trade. And he's had a lot to write about in recent weeks. President Trump's unveiling of sweeping tariffs against pretty much every single US trading partner has not only roiled global markets, but is shaking up international politics as well. Countries around the world are now struggling to understand exactly what the Trump administration is trying to achieve, how far it will go in terms of its political and economic isolationism, and how they should we respond. On this episode we speak with Wolf, the chief economics commentator for the Financial Times, about what Trump's reordering of global trade means for the world, how Europe and China might respond, and the origins of the US administration's economic discontent.

Read More:
Trump’s Tariffs and China Collide to Shock the $115 Trillion Global Economy
What’s Left of Globalization Without the US?

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Here's Why is Bloomberg’s short explainer podcast, where we take one big news story and break it down in just a few minutes—with help from our experts across the newsroom.

We're dropping into your feed with a special episode featuring Joe Weisenthal, co-host of Bloomberg’s Odd Lots podcast, who joined us while in London.

In this episode: The near-daily shifts in U.S. trade policy have rattled markets and made both businesses and consumers uneasy about spending. What kind of damage does all this uncertainty cause to the economy? And is it something we’ll eventually get used to? Joe joins Stephen Carroll to break it all down.

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Last year, it was announced that the US Department of Defense had failed an audit for its seventh straight year, indicating an ongoing inability to track its hundreds of billions of dollars in spending and inventories. Why does this keep happening? Why does the Pentagon get audited in the first place? And what can be done to fix it? On this episode, we speak with Julia Gledhill, a research analyst at the National Security Reform Program at the Stimson Center. She explains how the budgetary process works, as well as the prospects for the Pentagon ever actually passing an audit.

Read more:
Pentagon Still Falls Short on Jump-Starting Innovation, Audit Says
Billionaire Feinberg Says Pentagon Needs an Investor’s Savvy

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US Treasuries are the most important market in the world. With some $29 trillion outstanding, they create the benchmark that informs basically every other type of borrowing. Any changes to how the bond market works would be a massive deal. But lately, there's been a lot of chatter about how the Trump administration could radically restructure and refinance the US debt under the so-called "Mar-a-Lago Accord." In this episode, we speak with University of Virginia law professor Mitu Gulati about how far the administration could go to legally reform this huge and important market. We also talk about how to buy Greenland and whether Trump could make a few billion by collecting on some old loans from allies.

Read more:
One Way for Trump to Find a Few Extra Trillion Dollars
The Stories We Tell Ourselves About Bonds

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For years and years now, there has been one winning trade: Go long the US versus the rest of the world. Thanks to tech dynamism and general pro-growth US macro policies, American assets have far outstripped their global peers. Of course, there have been some bumps along the way, but they've usually been global bumps. The financial crisis in 2008-2009 was global. Covid was a shock for the entire world. But with Trump's tariffs, we are now looking at a story that has the potential to be US-specific, even if a trade war will be felt internationally. And so investors are asking the question of whether US exceptionalism has come to an end, and there may be better opportunities elsewhere. On this episode we speak with Ozan Tarman, vice chair of global macro at Deutsche Bank. He tells us what his clients are thinking about and the various scenarios whereby US assets continue to underperform. We also discuss the implications of the US becoming more EM-like in its politics, and its financial markets.

Read More: End of 'America First' Trade Is Boosting Europe's Markets
The World Is Finding a Plausible Alternative to Treasuries

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Every time there is tension between the US and China, there are stories about China threatening to withhold exports of rare earth metals, which are supposedly crucial for all kinds of advanced technologies. In this episode, recorded in Bloomberg's London studio, Bloomberg Opinion columnist Javier Blas helps us clear up some misconceptions about them. For one thing, rare earths aren't actually that rare. Furthermore, the amount of global trade of these minerals is fairly minuscule. The US only imports $170 million worth in a year. And then beyond that, the most common usage of them is in vacuum cleaners. Still, their economics are interesting and they do have some important applications. In addition, we talk about what the trade war means for the domestic US energy agenda, and the Trump administration's desire to expand total output.

Read more:
Chinese Rare Earth Shipments Held Up as Trade War Upends Exports
Javier Blas: $50-a-Barrel Oil Is a Problem for US Trade Deficit

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One of the ironies of the tariffs is that, while ostensibly the goal is to reshore US manufacturing, it's actually been US makers of physical goods themselves that have warned about the damage that trade barriers can cause. Or, to put it another way, if we really want to see more domestic US production in order to decouple from China, then perhaps there are other levers to pull besides the tariffs. On this episode of the podcast, we speak with Sam D'Amico, the founder and CEO of California-based Impulse Labs, which makes an amazing induction oven. We talk about what the tariffs mean for his business, and the various things, including capital markets and NIMBYism, that really stand as impediments to building out mass US production of goods.

Read more:
The High-Tech Stove That’s Also a Home Battery
Everything You Need to Know About the Basis Trade Spooking Markets

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Check out the new Stock Movers Podcast from Bloomberg.

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