E30: Tariffs — The Global Chain Reaction
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The U.S. tariffs under President Trump have reached their highest levels in roughly a century, drawing comparisons with the Smoot–Hawley Tariff Act of 1930. But today’s economy and geopolitical fabric provide a starkly different backdrop — where central banks play a key role, where the Fed in particular must navigate a tricky path between potentially higher inflation and slower growth, and where escalating trade friction with China looms large.
Join host Rob Rowe and Chief Economist Nathan Sheets as they discuss the still-developing tariff structures and their implications for the United States itself as well as its trading partners.
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Rob Rowe, U.S. Regional Director of Research and Head of Global Strategy and Macro Group, Citi
Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for 30 years serving in various capacities. He originally joined Smith Barney Harris Upham & Company in 1989, working in investment banking, fixed income sales and research. In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.
Nathan Sheets, Chief Economist, Citi
Nathan Sheets, Ph.D., is Global Chief Economist at Citi Research. In this role, Nathan leads Citi’s surveillance and forecasting of the global economy and directs the analysis of the firm’s economics team. He interacts closely with Citi’s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets.
Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.
Nathan has a bachelor’s degree in Economics from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology.
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