Asma Khalid

I don't think that the deluge of tariffs should be a particular surprise to a lot of folks because Trump campaigned on tariffs. He famously said that this was the most beautiful word in the dictionary. I think we anticipated this. They have come, though, I will say, with such a degree of speed. I mean, we didn't even mention this, but there's also investigations to possibly add tariffs to tariffs.

Other specific things like lumber and copper. He's also floated the idea of putting tariffs on semiconductors. So this is an across the board tool. And as Scott was saying, it feels like the White House thinks that this is like a multipurpose Swiss Army knife, right? Like you can pull it out for all sorts of things. And at some point you wonder, well, what is this?

Other specific things like lumber and copper. He's also floated the idea of putting tariffs on semiconductors. So this is an across the board tool. And as Scott was saying, it feels like the White House thinks that this is like a multipurpose Swiss Army knife, right? Like you can pull it out for all sorts of things. And at some point you wonder, well, what is this?

Other specific things like lumber and copper. He's also floated the idea of putting tariffs on semiconductors. So this is an across the board tool. And as Scott was saying, it feels like the White House thinks that this is like a multipurpose Swiss Army knife, right? Like you can pull it out for all sorts of things. And at some point you wonder, well, what is this?

Isn't this a negotiation tactic? Is it a political tool? Is it an economic tool? Is it about raising revenue? Is it about immigration? I don't know that we have a clear vision of that. Trump officials have been asked multiple times on different television interviews what this is about.

Isn't this a negotiation tactic? Is it a political tool? Is it an economic tool? Is it about raising revenue? Is it about immigration? I don't know that we have a clear vision of that. Trump officials have been asked multiple times on different television interviews what this is about.

Isn't this a negotiation tactic? Is it a political tool? Is it an economic tool? Is it about raising revenue? Is it about immigration? I don't know that we have a clear vision of that. Trump officials have been asked multiple times on different television interviews what this is about.

And I don't think that they have delivered a clear, concise answer about what these tariffs are actually meant to achieve.

And I don't think that they have delivered a clear, concise answer about what these tariffs are actually meant to achieve.

And I don't think that they have delivered a clear, concise answer about what these tariffs are actually meant to achieve.

I mean, as Scott said, he certainly takes a lot of cues from the stock market. But I will say it's sort of broader in terms of their vision on tariffs. I don't see President Trump completely dialing down tariffs entirely. And I would say that for two reasons. One is because, as I mentioned, he campaigned heavily on them and he did keep in place some tariffs.

I mean, as Scott said, he certainly takes a lot of cues from the stock market. But I will say it's sort of broader in terms of their vision on tariffs. I don't see President Trump completely dialing down tariffs entirely. And I would say that for two reasons. One is because, as I mentioned, he campaigned heavily on them and he did keep in place some tariffs.

I mean, as Scott said, he certainly takes a lot of cues from the stock market. But I will say it's sort of broader in terms of their vision on tariffs. I don't see President Trump completely dialing down tariffs entirely. And I would say that for two reasons. One is because, as I mentioned, he campaigned heavily on them and he did keep in place some tariffs.

I mean, I know there was a lot of trade war tit for tat during his first term, but he did keep in place some tariffs on China. And the second reason I will say is... I think there are like multiple reasons why he is doing this. And one reason you'll hear from the administration is that this is about bringing more jobs back to the United States.

I mean, I know there was a lot of trade war tit for tat during his first term, but he did keep in place some tariffs on China. And the second reason I will say is... I think there are like multiple reasons why he is doing this. And one reason you'll hear from the administration is that this is about bringing more jobs back to the United States.

I mean, I know there was a lot of trade war tit for tat during his first term, but he did keep in place some tariffs on China. And the second reason I will say is... I think there are like multiple reasons why he is doing this. And one reason you'll hear from the administration is that this is about bringing more jobs back to the United States.

And I know, Scott, you were talking about that just a minute ago. But, you know, they'll say that this is across the board. You know, President Trump was joined earlier this week at the White House with the CEO of the largest semiconductor chip maker in the world. This is a Taiwanese company, TSMC. And together they announced this $100 billion investment in U.S. factories down in Arizona.

And I know, Scott, you were talking about that just a minute ago. But, you know, they'll say that this is across the board. You know, President Trump was joined earlier this week at the White House with the CEO of the largest semiconductor chip maker in the world. This is a Taiwanese company, TSMC. And together they announced this $100 billion investment in U.S. factories down in Arizona.

And I know, Scott, you were talking about that just a minute ago. But, you know, they'll say that this is across the board. You know, President Trump was joined earlier this week at the White House with the CEO of the largest semiconductor chip maker in the world. This is a Taiwanese company, TSMC. And together they announced this $100 billion investment in U.S. factories down in Arizona.

And, you know, the Trump administration's argument is, hey, look, we were able to achieve this through a threat of tariffs on semiconductors. We didn't use subsidies like that chipsack that former President Biden was touting. They see opportunities for economic investment to occur on the soil of the United States through tariffs.