Robert Lighthizer, who served as U.S. trade representative in Donald Trump’s first term, sits down with Margaret Hoover to discuss the president’s trade agenda, his use of tariffs, and their impact on the economy.

Lighthizer, author of No Trade Is Free, explains why he favors “balanced trade” over free trade and makes his case that tariffs can revive American manufacturing. He tells Hoover why he doubts chaos in financial markets will unseat the dollar as a global reserve currency, but he argues a weaker dollar could have benefits.

A longtime critic of NAFTA and open trade with communist China, Lighthizer credits Trump for changing the debate about trade in America and trying to solve the problems caused by globalization. He also challenges critics who say tariffs are the wrong approach to come up with a viable alternative.

Lighthizer assesses the potential for tariffs to drive up consumer prices and whether they could fuel broader inflation. He admits Trump’s implementation of his “Liberation Day” tariffs was not perfect, and he reflects on whether he would join the new administration if asked.

Support for “Firing Line for Margaret Hoover” is provided by Robert Granieri, Vanessa and Henry Cornell, The Fairweather Foundation, Peter and Mark Kalikow, Cliff and Laurel Asness, The Meadowlark Foundation, The Beth and Ravenel Curry Foundation, Charles R. Schwab, The Marc Haas Foundation, Katharine J. Rayner, Damon Button, Craig Newmark Philanthropies, The Philip I Kent Foundation, Annie Lamont through The Lamont Family Fund, The Susan Rasinski McCaw Fund, Cheryl Cohen Effron and Blair Effron, and Al and Kathy Hubbard. Corporate funding is provided by Stephens Inc.