Topic: Joe Lavorgna

Economist Joe Lavorgna challenged the narrative that tariffs cause inflation, citing the Smoot-Hawley Act of the 1930s as a period of historic deflation. He argued that inflation is strictly a monetary phenomenon controlled by the money supply rather than trade policy. The current market volatility is attributed to shrinking corporate profit margins, as companies like Apple may be forced to absorb tariff costs rather than passing them to consumers.