A trillion in trade.

80 countries on speed dial.

And fentanyl, semiconductors, and pharmaceuticals at the center of the storm.

This isn’t the plot of a niche geopolitical thriller—it’s Trump’s 2025 trade agenda. And I just spoke to the man who helped design its prototype: Wilbur Ross.

Ross is an investor, billionaire, and former U.S. Secretary of Commerce under Trump from 2017 to 2021.

Before politics, he made his name on Wall Street as the so-called “King of Bankruptcy,” specializing in buying distressed companies in steel, coal, textiles, and banking—turning failing businesses into profitable ones through restructuring.

He’s also the latest guest on my podcast. (Link to full conversation below.)

Here’s what I learned.

Blanket Tariffs? That's a First.

Ross started with what we already kind of know: what Trump is doing right now is unprecedented.

“It’s a level of complexity that’s quite novel in the tariff world.”

Not just blanket tariffs, but special ones too—tailored by product, country, and diplomatic leverage point.

I asked Ross, “Isn’t this like Smoot-Hawley 2.0?”

No—because this time, Trump isn’t just trying to protect domestic industry. He’s aiming at three things at once:

1. Reduce the trade deficit
2. Raise federal revenue (to pay for tax cuts)
3. Force strategic outcomes (like stopping fentanyl exports from China)

This isn’t a shotgun. It’s a sniper rifle with a silencer, a laser, and a built-in tax refund.

The Fentanyl Gambit

The part most don’t know: Trump is deadly serious about China and fentanyl.

“In Beijing, if you sell fentanyl on the streets, they’ll execute you,” Ross told me. “But they’ve been subsidizing exports of the stuff that’s killing Americans.”

China executes domestic dealers but allows exports of precursor chemicals to Mexico. Most of it ends up in the US.China knows how dangerous they are but turns a blind eye because it’s not their citizens dying.

Ross says this is personal for Trump. He wants it stopped. And he’s tying it into trade negotiations.

Not with threats.

With leverage.

Rare Earths, Pharma, and the Apple Problem

Problem is, we’re addicted to Chinese supply chains. iPhones. Generic drugs. Semiconductors. Vitamins. Ross didn’t deny it. But he says reshoring is starting—and Trump’s policies are finally giving it teeth.

The rare earth thing? A mess. We have the resources. We just don’t process them because it’s dirty, and nobody wants a refinery in their backyard. So we ship it all to China, let them pollute, and then buy it back.

Ross: “It doesn’t make the planet better off to have it processed in China instead of here.”

Makes sense. But the EPA probably won’t love that logic.

Inflation? Recession? Or... Neither?

Do tariffs cause inflation? No.

Tariffs did not cause inflation in 2018–2020, despite media panic. Ross argues current inflation claims are more political than economic.

I mentioned Powell saying tariffs will spark inflation again. Ross smiled and said: “I think he's hiding behind that as an excuse not to cut rates.”

Meanwhile, Trump wants to cut energy costs, healthcare costs, and grow the “External Revenue Service.” The goal? Shift from taxing your income to taxing imports.

Ross confirmed a few sleeper details about the tax plan:

• Makes Trump’s 2017 cuts permanent
• Tax-free tips and overtime
• Incentives for manufacturing here
• Incentives for foreign investment here

And yeah—he also said the reason Trump wanted Greenland? Rare earths.

The Mind Behind the Moves

That was just a small part of our conversation.

Whether you love Trump or loathe him, you should understand the game he’s playing. Ross just gave us the playbook.

And if even half of what he said is accurate, we’re entering a new kind of economy. One where tariffs are not just a trade tool—but a tax system. A foreign policy lever. A domestic stimulus.

A weaponized spreadsheet.

You don’t have to agree with it. But you do have to know what’s coming.

And thanks to Wilbur Ross, now we have a better idea.

Listen to the full conversation here.