“This is the exorbitant privilege of being the world’s reserve currency … one of the things Trump is putting in danger,” says John Mauldin, New York Times best-selling author and co-founder of Mauldin Economics. He sits down with Daniela Cambone to break down the implications of the escalating trade war with China and the dangerous path the U.S. is headed toward—a potential recession. Mauldin criticizes oversimplified, blanket protectionist policies, such as high tariffs on poor countries, and strongly opposes the economic views of Peter Navarro. “I said eight years ago that Peter Navarro was the most dangerous economist in the country,” he says. Instead, Mauldin champions free trade, economic realism, and allowing businesses to operate without excessive government interference. Watch the video to learn Mauldin’s view on what investors should do now to safeguard their wealth.”

John Mauldin Unpacks Tariffs, Markets, and What Comes Next for the Global Economy

In a recent episode of the Daniela Cambone Show, seasoned financial expert John Mauldin sat down with Daniela Cambone to tackle a critical question on the minds of investors: What’s really happening behind the headlines of trade wars, economic cycles, and volatile markets?

For our ITM Trading audience—individuals deeply concerned with inflation, financial privacy, and long-term wealth protection—this conversation is both timely and essential. Mauldin’s insights cut through the noise to reveal the structural trends that could impact your financial future.

The Tariffs War: Uncertainty or Strategy?

The discussion kicked off with China’s aggressive stance in the ongoing tariffs battle. “They’ve lost the trust of the world,” Mauldin explains, noting how foreign direct investment in China has collapsed. While China may talk tough, its internal economy—marked by a failing housing market and weak consumer spending—paints a different picture.

So what happens if China dumps U.S. Treasuries or abandons the dollar?

“Who cares?” Mauldin bluntly says. “Those dollars still have to go somewhere.”

This is where the “exorbitant privilege” of the U.S. dollar comes into play. As the world’s reserve currency, demand for the dollar is virtually baked into global trade. Whether countries convert dollars into gold or U.S. stocks, the dollar’s dominance still funnels money back into American markets—at least for now.

For investors concerned about volatility, the takeaway is simple: don’t get spooked by headlines. Focus on the bigger picture.

The Real Danger of Tariffs

While Mauldin supports a tougher stance on China’s protectionist practices, he warns that blanket tariffs can do more harm than good. He cites examples like tariffs on Vietnam and even African nations with limited buying power.

“We’re putting tariffs on countries that aren’t our problem. Most of them aren’t cheating us. China is different—but let’s be targeted and strategic.”

This perspective aligns with what we at ITM Trading emphasize daily: effective wealth protection is about discernment, not panic. Broad-stroke financial decisions—like throwing up tariffs on any country with a trade surplus—can create more economic pain, not less.

Markets in Flux: Why Gold Still Matters

Amid all this uncertainty, what’s the smart play for protecting your portfolio? John Mauldin doesn’t mince words: he’s still holding gold.

“My gold hasn’t moved. I bought it in the early 2000s. I’m very happy with it.”

For a man who’s seen multiple market crashes and economic downturns, Mauldin’s confidence in gold underscores a key principle: when the future is unclear, tangible assets remain a cornerstone of long-term wealth preservation.

At ITM Trading, we know that market timing is next to impossible for most investors. But what you can control is where you store your value. Gold and silver continue to be some of the only assets immune to political decisions, central bank overreach, and fiat currency debasement.

On Recessions and Resilience

Is a recession coming? Mauldin thinks so—and soon.

“We’re going to have a recession this quarter. Markets always come back, but you need to have had your plan in place last year.”

He points to slowing GDP growth, volatile junk bond spreads, and global uncertainty stemming from unclear policy decisions. And yet, Mauldin maintains a calm, long-term view: recessions are not the end of the world. They’re part of the cycle.

This is where the concept of economic cycles becomes critical. Like waves in the ocean, downturns are followed by recoveries. Investors who understand this—and prepare accordingly—weather the storm and often come out ahead.

A Call for Action (and Perspective)

In closing, Mauldin reminds us that even in times of economic turbulence, the fundamentals of resilience haven’t changed.

“What gets us out of a recession isn’t the Fed. It’s individuals—businesses—adjusting and figuring out how to move forward.”

And that’s exactly what we help our clients do at ITM Trading. With over 28 years of experience guiding individuals through inflation, recession, and financial repression, we don’t just talk about risk—we build custom strategies to help you preserve and grow your wealth.

Ready to Protect Your Wealth Before the Next Storm?

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Schedule your free consultation today with an ITM Trading precious metals strategist.

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Whether you’re concerned about tariffs, economic cycles, or simply ensuring your retirement is secure, we’ll help you prepare with clarity and confidence.

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