On Wednesday, President Trump unveiled sweeping tariffs against almost every country in the world. The size and scope was far beyond what anyone was anticipating, causing markets to subsequently plunge. But what's next? Could it work out for the US? Will we see a spike in inflation? Will the global trading system continue to operate? On this episode, we speak with Tom Orlik, the chief economist for Bloomberg Economics, on the historical nature of this stagflationary shock, and what happens to the US and global economies if these numbers remain in place.

Read More:
Economists Slash US Growth, Boost Inflation Forecasts on Tariffs
Germany and France Push for More Aggressive Tariff Response

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

See omnystudio.com/listener for privacy information.