Why I'm Okay with Some of the Secondary Tariffs

Key points

• 0:29

  Donald Trump announced a 25% tariff on Venezuelan crude oil.

• 1:05

  The Constitution grants tariff authority to Congress, not the presidency.

• 1:05

  Almost all refineries capable of processing Venezuelan crude are located in the United States.

• 1:05

  Venezuela exports crude to brokers who then sell it to US refineries.

• 1:05

  The primary brokers facilitating this trade are Chinese entities.

• 1:05

  Tariffs effectively function as a flat tax on all Chinese imports.

• 1:05

  Globalization has ended and will not return.

• 3:14

  Existing economic tools from 1945 to 2015 require urgent updates.

• 3:14

  Testing new policies under an incompetent administration is preferable to legal delays.

• 4:23

  The US should experiment with arbitrary tariffs to define national interests.

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