The unprecedented trade policies since the beginning of this year, driven largely by the Donald Trump administration’s pro-tariff agenda, have propelled the United States into uncertain and rocky territory. When it comes to our trading partners, the potential damage to U.S. alliances has left economists and policymakers in Washington questioning what’s next. Where do experts foresee U.S. trade policy heading?
This season, Why It Matters is taking you through the ins and outs of trade. In this season finale, CFR’s Michael Froman and Shannon K. O’Neil tackle your biggest questions about what’s at stake and what’s next for U.S. trade policy.
Featured Guests:
Michael Froman (President of the Council on Foreign Relations)
Shannon K. O’Neil (Senior Vice President, Director of Studies, and Maurice R. Greenberg Chair, CFR)
To hear more from Michael Froman, subscribe to his newsletter, The World This Week.
For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/wim/where-does-trade-go-here
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37:41
Mind the Trade Gap
Is having a trade deficit necessarily a bad thing? Many experts argue that the U.S. trade deficit is largely good for our economy. It allows Americans to enjoy a wider variety of cheap goods, attracts foreign investment, and reflects the strength of the U.S. dollar. Others believe it’s a warning sign that we’re relying too much on imports, hurting American jobs, and racking up debt owed to other countries.
This season, Why It Matters is taking you through the ins and outs of trade. In this episode, we unpack the trade deficit. What is it and why has it become a primary focus of the second Trump administration?
Featured Guests:
Brad W. Setser (The Whitney Shepardson Senior Fellow specializing in global trade and capital flows, financial vulnerability analysis, and sovereign debt restructuring, CFR)
Heather Hurlburt (Associate Fellow for the U.S. and the Americas Programme, Chatham House)
For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/wim/mind-trade-gap
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32:33
Why It Matters Live!: Food Diplomacy
Host Gabrielle Sierra and podcast guests Johanna Mendelson Forman and Matthew Costello discuss food diplomacy, share stories from White House state dinners, and unpack how food has helped to create lasting international partnerships.
This taping was originally recorded on April 17, 2025.
Featured Guests
Johanna Mendelson Forman (Distinguished Fellow at the Stimson Center, Adjunct Professor at American University’s School of International Service)
Matthew Costello (Chief Education Officer and Director of the David M. Rubenstein National Center for White House History at the White House Historical Association)
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39:24
Trade Agreements: Deal or No Deal
With allies and adversaries alike impacted by new economic barriers and tariffs, the global map of U.S. trade relationships hangs in question. As the U.S. rethinks its commitments with its trading partners, allies may seek deals elsewhere, even with historic rivals. Can the president single-handedly tear up a trade deal, and what happens when deals that took decades to craft are suddenly up for renegotiation?
Featured Guest:
Inu Manak (Fellow for trade policy at the Council on Foreign Relations)
For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/trade-agreements-deal-or-no-deal
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29:37
Tariff Turmoil, Part 2: Steel and Dog Gelato
Tariffs have sparked intense debate in Washington, but their consequences land far from Capitol Hill. Tariffs can shape paychecks, shift prices for consumers, and affect markets. At best, tariffs offer short-term protection for certain industries. At worst, they can uproot the lives of American workers. In this episode, Why It Matters looks at what tariffs mean for a U.S. steel manufacturer and small business owner trying to stay afloat.
Featured Guests
Matthew P. Goodman, Distinguished Fellow and Director of the Greenberg Center for Geoeconomic Studies, CFR
Jamie Sychak, President of United Auto Workers Local 3303
Debbie Hendrickx, Founder and CEO of Swell Gelato
For an episode transcript and show notes, visit us at: https://www.cfr.org/podcasts/tariff-turmoil-part-2-steel-and-dog-gelato
Each episode of Why It Matters breaks down an issue that is shaping our world’s future. Join host Gabrielle Sierra as she speaks with the leaders and thinkers who are facing these questions head on. Fueled by the minds at the Council on Foreign Relations, Why It Matters brings some of the world’s most compelling stories home to you.
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