CFR's Brad Setser and Wiley Rein's Greta Peisch join Security Economics to look back at the year of trade and tariff news since Trump's proclaimed "Liberation Day" on April 2, 2025. The episode unpacks economic developments, trade deals, China, and where we might be headed in the year ahead.

Security Economics is back! And we have a great episode for the reboot, on critical minerals.

The Trump Administration is doing a lot on critical minerals across both the domestic and international arenas. To help break it all down, Sahar Hafeez of Pillsbury and Arnab Datta of IFP join to talk about the minerals we all use every day, whether we know it or not.

Tax is an essential element of U.S. national security. The U.S. tax code can drive investments in strategic industries, and of course the U.S. has to pay for its defense and national security apparatus somehow.

Georgetown Law Professor Itai Grinberg joins Security Economics to talk about why tax matters, his advice on how to use the tax code to drive industrial policy, and whether the tax code actually sends manufacturing offshore.

No discussion of tax policy would be complete without talking about President Trump's favorite taxes, tariffs, as well as his new export taxes on computer chip sales to China. (Itai's historical analogy is both interesting and very funny).

It is an interesting episode. And as a bonus, the last question is free personal tax advice for podcast listeners.

Security Economics Host Peter Harrell and CFR's Brad Setser break down Trump's August 1 tariff blitz, setting in place many of the higher tariff rates Trump initially threatened in April. We also talk Trump's recent "trade deals"--what is real, and what is not--and gaze in the trade crystal ball to talk about what is still to come. Episode recorded August 1, 2025.

With President Trump's announcement that he will let Japanese company Nippon Steel buy storied U.S. steelmaker U.S. steel, Security Economics dives into investment screening--how it the process works, what it looks at, and where it might be headed. And of course we talk about the "golden share" that the U.S. is getting in U.S. Steel as part of this deal.

Security Economics is joined by Jim Secreto, an alum of Capitol Hill, the White House, the Treasury Department, and the Commerce Department. It's a great interview.

Questions, comments, or topics you'd like to see covered? Email me at pharrell@gmail.com.

The Trump Administration is exploring the creation of an American sovereign wealth fund to make strategic investments for the U.S.--and possibly to hold stakes in things like TikTok.

With news expected about the fund in the coming weeks, former White House official Daleep Singh joins Security Economics to talk about what a sovereign wealth fund is, how it could work and what it could do, and what the challenges will be.

Plus, we talk a few other hot topics, like sanctions!

Daleep is about to join PGIM, the global asset manager. He spoke with Security Economics in his personal capacity and before he joined PGIM.

Peter and CFR’s Brad Setser discuss Trump's “Liberation Day” tariff announcement, including what Trump’s goals are, how bad the economic impacts might get, and what to expect from foreign retaliation.

In short: the tariffs are broader and quicker than most of us expected, and the impacts might be akin to a $50 or more per barrel oil shock. On the other hand, maybe we'll get quick deals!

Also, Brad has an idea for Europe to drastically cut the dollar value of its trade surplus with the US. (Hint: it is involves pharmaceuticals).

Harvard Professor and former White House Council of Economic Advisors Chair Jason Furman joins Security Economics to talk tariffs, President Biden's economic legacy, national security industrial policy, AI regulation, and export controls. Plus, just a bit of crypto. Furman had a recent article in Foreign Affairs Magazine, "The Post-Neoliberal Delusion," that argued Biden's economic policies actually resulted in less infrastructure and less investment than we could otherwise have seen. Especially coming from a prominent member of President Obama's cabinet, the article attracted quite a bit of attention. I wanted to ask Jason about it, as well as how he thinks we should do industrial policy for critical products, like computer chips. It was a great conversation, and we hope you enjoy it.