Cabot Phillips

Now, look, it's impossible to deny that is a very different message from Trump world than we heard during his first term, when the president routinely lauded the record stock market growth we saw from 2016 to 2020. The fact that he's willing to risk a market disruption, a serious one, shows how much he's prioritizing their efforts to revolutionize the economy, in his view, from the bottom up.

Now, look, it's impossible to deny that is a very different message from Trump world than we heard during his first term, when the president routinely lauded the record stock market growth we saw from 2016 to 2020. The fact that he's willing to risk a market disruption, a serious one, shows how much he's prioritizing their efforts to revolutionize the economy, in his view, from the bottom up.

It's a risk, but one the White House is confident will pay off. Besant went on to say President Trump inherited an economy that might have had the appearance of health, but was rotting from the inside out.

It's a risk, but one the White House is confident will pay off. Besant went on to say President Trump inherited an economy that might have had the appearance of health, but was rotting from the inside out.

Others in Trump's cabinet reiterated that we must endure short-term pain in order to bring back American manufacturing, not just to protect our economy, but also to improve national security. Here's Commerce Secretary Howard Lutnick on CBS.

Others in Trump's cabinet reiterated that we must endure short-term pain in order to bring back American manufacturing, not just to protect our economy, but also to improve national security. Here's Commerce Secretary Howard Lutnick on CBS.

Now, President Trump is hoping the Federal Reserve will extend a bit of a jolt to the economy by cutting interest rates. He posted on Truth Social Friday, quote, this would be the perfect time for Fed Chair Jerome Powell to cut interest rates. He is always late, but he could now change his image and quickly cut interest rates, Jerome, and stop playing politics.

Now, President Trump is hoping the Federal Reserve will extend a bit of a jolt to the economy by cutting interest rates. He posted on Truth Social Friday, quote, this would be the perfect time for Fed Chair Jerome Powell to cut interest rates. He is always late, but he could now change his image and quickly cut interest rates, Jerome, and stop playing politics.

Powell refused to respond to Trump's comments, saying the Fed was, quote, well-positioned to wait for greater clarity on the economy. But he did say the tariffs were, quote, significantly larger than expected. Ultimately, rate cuts will likely rest on how much inflation spikes as a result of the trade war, and perhaps more importantly, how long these tariffs stay in place.

Powell refused to respond to Trump's comments, saying the Fed was, quote, well-positioned to wait for greater clarity on the economy. But he did say the tariffs were, quote, significantly larger than expected. Ultimately, rate cuts will likely rest on how much inflation spikes as a result of the trade war, and perhaps more importantly, how long these tariffs stay in place.

Yeah, it's important to note the White House says if our trading partners want those rates knocked down, they'll have to make concessions beyond just lowering tariffs. They want them to address, quote, non-tariff cheating, mainly value added taxes and outright bans on certain products. For example, much of Europe does not allow any American meat to be imported.

Yeah, it's important to note the White House says if our trading partners want those rates knocked down, they'll have to make concessions beyond just lowering tariffs. They want them to address, quote, non-tariff cheating, mainly value added taxes and outright bans on certain products. For example, much of Europe does not allow any American meat to be imported.

We've seen other examples with similar products around the world. Some countries dug in for a protracted trade war. China slapped 34% tariffs on all American imports, while the EU said they would pursue, quote, countermeasures, likely more tariffs. But many countries have come to the negotiating table.

We've seen other examples with similar products around the world. Some countries dug in for a protracted trade war. China slapped 34% tariffs on all American imports, while the EU said they would pursue, quote, countermeasures, likely more tariffs. But many countries have come to the negotiating table.

Taiwan, for example, said they would not implement any retaliatory tariffs and would instead pursue a, quote, zero tariff deal with the U.S., Vietnam, one of our largest trading partners in Asia, sent a letter to Trump Saturday offering to remove all tariffs on U.S. imports if Trump would agree to pause our own tariffs for 45 days.

Taiwan, for example, said they would not implement any retaliatory tariffs and would instead pursue a, quote, zero tariff deal with the U.S., Vietnam, one of our largest trading partners in Asia, sent a letter to Trump Saturday offering to remove all tariffs on U.S. imports if Trump would agree to pause our own tariffs for 45 days.

All told, the White House says privately our trade partners have been blowing up the president's phone looking for a deal. In the meantime, the big question still remains. Will this past week be a short blip on the radar and the dawn of an economic renaissance or the start of a recession? And the question on everyone's mind at this point. Kevin, thanks for reporting. Anytime.

All told, the White House says privately our trade partners have been blowing up the president's phone looking for a deal. In the meantime, the big question still remains. Will this past week be a short blip on the radar and the dawn of an economic renaissance or the start of a recession? And the question on everyone's mind at this point. Kevin, thanks for reporting. Anytime.

Yeah, it's hard to overstate just how historic this move was. There's no other word for it. For decades, presidents in both parties have almost universally embraced free trade policies and kept tariffs at a minimum. Trump's Liberation Day marked a fundamental shift in economic policy, the likes of which we have very rarely seen in modern history. Virtually every product entering the U.S.

Yeah, it's hard to overstate just how historic this move was. There's no other word for it. For decades, presidents in both parties have almost universally embraced free trade policies and kept tariffs at a minimum. Trump's Liberation Day marked a fundamental shift in economic policy, the likes of which we have very rarely seen in modern history. Virtually every product entering the U.S.