Security Economics

Tax and National Security

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.

Trump's new global trade regime is here!

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.

Security Economics Talks Investment Screening & Steel

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.

Daleep Singh talks a U.S. Sovereign Wealth Fund

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 Brad Setser Discuss "Liberation Day" Tariffs

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).