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.

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.

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.