The Lawyer’s Theory of Trade | Diving In

Donald Trump's trade representative Jamison Greer thinks about trade like a litigator: clients, injuries, bad actors, and remedies. Justin Wolfers takes Greer's own words from his recent interview with The Daily and shows why that worldview rests on muddled thinking about what trade actually is — and why it ends up costing you. In this Diving In episode, Justin lays out the tells and discusses the bottom line. The numbers are blunt: New York Fed research finds roughly 90% of the tariff burden falls on U.S. firms and consumers, and low-income households bear a disproportionate share. Census data shows imports from China fell — but rose nearly one-for-one from the rest of the region. A lot of trade just changed addresses. By the end you'll have a portable BS detector for any trade argument — from Trump, Vance, Greer, or your uncle at Thanksgiving. The Daily Episode With Jamieson Greer: https://www.nytimes.com/2026/07/20/podcasts/the-daily/more-trump-tariffs-are-coming.html  🔒 Get 20% off DeleteMe by going to https://joindeleteme.com/WOLFERS and use code WOLFERS to protect your privacy! 🙌 Subscribe on YouTube 👉 https://youtube.com/platypuseconomics Subscribe on Substack 👉 https://newsletter.platypuseconomics.com Follow on Social Media @PlatypusEconomics and @JustinWolfers One more thing: When I create these videos, I often crunch a few numbers in Stata, with whom I’ve got a paid partnership. Today, I used it to explore our trade relationship with China and the eleven members of ASEAN.  Click through here: https://platypuseconomics.com/stata/trading\places\worksheet\_6.pdf and you can work through the steps I followed, and build your statistical mastery. See omnystudio.com/listener for privacy information.