Liam Halligan
Economist, journalist, author and broadcaster
Liam Halligan is a leading economist, author, columnist and broadcaster – who also has extensive business experience. Since 2003, he has written his multiple award-winning weekly Economic Agenda column in The Sunday Telegraph – which enjoys a large domestic and international following and has been recognised with a British Press Award, the highest prize in UK print journalism. Widely read in the City and other financial capitals, Liam has a reputation for prescient economic predictions, often made against conventional wisdom.
Tomorrow he is coming on to Triggernometry to discuss US tariffs, European economics and political parties in the UK.
Comment your questions for Francis and Konstantin to ask below.
'The only thing economists agree upon is Ricardo's law of comparative advantage in international trade' say economists; ergo tariffs are self-harm and Trump is an idiot. But why is this not true:
1. by changing the price, the demand for the imported product will reduce - giving USA produced products a bigger share and encouraging on-shoring of manufacturing.
2. although prices of imports will rise, it is unlikely to be by the full amount of the tariff - exporters to the USA will be forced to accept thinner margins. In this sense some of the tariff is indeed being paid by foreigners, not by the US purchasers of imports.
When politicians talk about figures in economics, for example the amount of money that putting VAT on private school fees will raise or the money saved from removing the winter fuel payments, are they just trying to impress the electorate with, what sound like, big numbers? Or do they actually believe that these amounts are significant? I always try and see these numbers in overall terms, like how they compare to debt interest repayment or as a % of NHS spending.