Veteran economist Saul Eslake joins Matt and Andrew to unpack tariffs, free trade and the increasingly difficult position Australia occupies between the United States and China.

They discuss why tariffs are ultimately paid by consumers, whether Australia can still trust its major trading partners, the need to diversify agricultural export markets and what weaker Chinese growth could mean for beef, wool, wine and other premium products.

Closer to home, Saul shares his views on inflation, interest rates, productivity, housing and tax reform. Plus black pudding, haggis, questionable compliments and one particularly memorable toilet analogy.

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