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The All-In Podcast · February 21, 2026 · 95m
Tariff Wars 2.0: Winners and Losers
The besties debate the second round of Trump tariffs. Sacks argues tariffs are negotiating leverage. Friedberg models the inflationary impact. Chamath sees opportunity in reshoring. Calacanis worries about startup costs.
This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.
Highlights
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Tariffs are a tax on consumers disguised as a tax on trade partners
Friedberg: his modeling shows that a 25% tariff on Chinese goods increases consumer prices by 3-8% depending on category, while reducing Chinese exports by only 5-10%. The tariff burden falls primarily on American buyers.•
Second-order effects matter more than first-order effects in economic policy
Sacks: everyone focuses on the first-order effect (tariff raises prices). The second-order effect (tariff threat forces negotiation) and third-order effect (reshoring creates jobs) are where the real impact lies.Was this useful?