Ben Stiller

These are, in many cases, good, pretty high-paying, you know, important jobs that then maybe have ripple effects of lots of other jobs.

These are, in many cases, good, pretty high-paying, you know, important jobs that then maybe have ripple effects of lots of other jobs.

It has that potential, certainly within the sectors that are most directly affected, is clearly having a big impact. You can think about it also on these programs, right? If you rely on veterans benefits right now, even if you have not had any difficulty getting your benefits.

It has that potential, certainly within the sectors that are most directly affected, is clearly having a big impact. You can think about it also on these programs, right? If you rely on veterans benefits right now, even if you have not had any difficulty getting your benefits.

And there are rumors about what the impact might be on benefits. Absolutely. Absolutely. So these are all things that can have a sort of disruptive effect and that can lead people to pull back, can lead businesses to pull back on hiring.

And there are rumors about what the impact might be on benefits. Absolutely. Absolutely. So these are all things that can have a sort of disruptive effect and that can lead people to pull back, can lead businesses to pull back on hiring.

Yeah, and in many ways, I think this is the big one. The president has imposed sweeping tariffs on many of our trading partners on a huge range of goods. Now, some of those tariffs have been paused. They've been delayed. They've been canceled, right? But at least in theory, it can cover a huge amount of goods.

Yeah, and in many ways, I think this is the big one. The president has imposed sweeping tariffs on many of our trading partners on a huge range of goods. Now, some of those tariffs have been paused. They've been delayed. They've been canceled, right? But at least in theory, it can cover a huge amount of goods.

And we know from economic research that what happens when you impose tariff rates is a tax on imports. What does that do? It raises prices. And, you know, we often sit here, Michael, and we talk about the research says this, but Americans think this. This is one case where Americans seem to have gotten the message from economists.

And we know from economic research that what happens when you impose tariff rates is a tax on imports. What does that do? It raises prices. And, you know, we often sit here, Michael, and we talk about the research says this, but Americans think this. This is one case where Americans seem to have gotten the message from economists.

Because in all of these surveys, it shows people think prices are going to be higher. And they specifically say because of tariffs. And we're seeing that hit in terms of consumers expecting to pay higher prices. We're seeing that in businesses saying they expect to pay higher prices for the materials that go into their goods and then pass on those prices to consumers.

Because in all of these surveys, it shows people think prices are going to be higher. And they specifically say because of tariffs. And we're seeing that hit in terms of consumers expecting to pay higher prices. We're seeing that in businesses saying they expect to pay higher prices for the materials that go into their goods and then pass on those prices to consumers.

And we're seeing at least some evidence of it in actual prices. The Federal Reserve just this week came out and said there's some evidence at least that some of the recent pickup in goods inflation is the result of these tariffs.

And we're seeing at least some evidence of it in actual prices. The Federal Reserve just this week came out and said there's some evidence at least that some of the recent pickup in goods inflation is the result of these tariffs.

Which is what we would expect from the economic research. And I think that it's important to remember here, Trump ran on a platform of curtailing inflation. He even said he would bring down prices. And crucially, Americans who seem to believe him during the campaign that he would bring down prices or control inflation—

Which is what we would expect from the economic research. And I think that it's important to remember here, Trump ran on a platform of curtailing inflation. He even said he would bring down prices. And crucially, Americans who seem to believe him during the campaign that he would bring down prices or control inflation—

are now saying, we're getting nervous that this is going to mean higher prices, higher inflation.

are now saying, we're getting nervous that this is going to mean higher prices, higher inflation.

That's right. We've seen a real shift in messaging from the president himself and from members of his administration over the past couple of weeks. Trump occasionally would acknowledge on the campaign trail maybe prices would come up temporarily under tariffs. But for the most part, right, what he was talking about was my policies are going to turn around the economy on day one.

That's right. We've seen a real shift in messaging from the president himself and from members of his administration over the past couple of weeks. Trump occasionally would acknowledge on the campaign trail maybe prices would come up temporarily under tariffs. But for the most part, right, what he was talking about was my policies are going to turn around the economy on day one.