Goolsbee: Isolationist Thinking Makes You Poor, Not Rich

The transcript discusses the implications of a potential border tax under the Trump administration, highlighting concerns about protectionism and its economic impact. It examines China's strategic moves in Asia following the potential abandonment of the TPP and outlines expectations for Trump's first 100 days, focusing on economic policies like tax reform and trade agreements. The discussion also touches on the potential benefits of renegotiating NAFTA and TPP, particularly in areas like intellectual property.

What type of tax is the proposed border tax compared to?

• Income Tax

• Value Added Tax (VAT)

• Sales Tax

• Property Tax

What is a potential consequence of adopting mercantilism and protectionism?

• Increased wealth

• Economic growth

• Economic isolation

• Improved international relations

What might happen if the US withdraws from the TPP?

• The TPP will continue without the US

• The US will form a new trade agreement with Europe

• China may take the lead in Asian trade agreements

• The US will dominate Asian trade

What is one of the major goals for Trump's first 100 days?

• Cut taxes and reform tax policies

• Achieve 4% annual growth

• Create 25 million new jobs

• Increase military spending

What is a potential risk if protectionist trade items are prioritized?

• Economic growth

• A bumpy ride for investors

• Increased foreign investment

• Improved trade relations

What was the TPP intended to do in relation to NAFTA?

• Replace NAFTA entirely

• Modernize and supersede parts of NAFTA

• Exclude Mexico and Canada

• Focus solely on intellectual property

What is a potential benefit of renegotiating NAFTA?

• Eliminating trade with Canada

• Improving intellectual property rights

• Increasing tariffs on Mexican goods

• Reducing trade with Asia