American Empire Is in Decline - Economist Richard Wolff on Trump's Trade War & Tariffs

6th April 2025

As President Trump finally unveils his global tariff plan — setting a baseline 10% tariff on all imported goods. With additional hikes apparently based on individual countries' trade balances with the United States — economists like our guest Richard Wolff warn it will have grave economic effects on American consumers and lead to a recession.

Wolff says the Trump administration's tariff strategy is borne out of a historical "notion of the United States as a victim" despite the fact that "we have been one of the greatest beneficiaries in the last 50 years of economic wealth, particularly for people at the top."

In response to the growing economic fortunes of the rest of the world and the associated decline in U.S. hegemony, Trump and his allies are "striking out at other people" in desperation and denial of an end to U.S. imperial dominance.

"[It's] not going to work," says Wolff.

One of the best analysis around - regretfully the powers that be will not listen.