Catherine Rampell

one of which is basically a cult at this point, so they're just too afraid to go against him. They know it's bad. They absolutely know it's bad. They will say so privately. Some of them will say that publicly, but they know it is making their constituents poorer, not just by tanking stock markets, but by... Raising prices, right?

one of which is basically a cult at this point, so they're just too afraid to go against him. They know it's bad. They absolutely know it's bad. They will say so privately. Some of them will say that publicly, but they know it is making their constituents poorer, not just by tanking stock markets, but by... Raising prices, right?

If it's going to raise prices, that means their dollar goes less far. Their constituents' dollars go less far. They get poorer. If we have a recession and there are layoffs, their constituents lose their jobs, get poorer. All of these things are pointing in the same direction. Bad news. And at some point...

If it's going to raise prices, that means their dollar goes less far. Their constituents' dollars go less far. They get poorer. If we have a recession and there are layoffs, their constituents lose their jobs, get poorer. All of these things are pointing in the same direction. Bad news. And at some point...

If it's going to raise prices, that means their dollar goes less far. Their constituents' dollars go less far. They get poorer. If we have a recession and there are layoffs, their constituents lose their jobs, get poorer. All of these things are pointing in the same direction. Bad news. And at some point...

one would imagine those constituents, those voters are going to fight back and say, throw these bums out. They've screwed up my life. But they just, for whatever reason, they're not willing to face that right now.

one would imagine those constituents, those voters are going to fight back and say, throw these bums out. They've screwed up my life. But they just, for whatever reason, they're not willing to face that right now.

one would imagine those constituents, those voters are going to fight back and say, throw these bums out. They've screwed up my life. But they just, for whatever reason, they're not willing to face that right now.

Yeah.

Yeah.

Yeah.

This is not an isolated example. There are so many industries, business owners, employees who are dealing with this new reality, these new constraints. Trump said China was going to pay the tariff, and that's wrong, right? China will still be hurt, to be clear. China will still be hurt, as will our trading partners.

This is not an isolated example. There are so many industries, business owners, employees who are dealing with this new reality, these new constraints. Trump said China was going to pay the tariff, and that's wrong, right? China will still be hurt, to be clear. China will still be hurt, as will our trading partners.

This is not an isolated example. There are so many industries, business owners, employees who are dealing with this new reality, these new constraints. Trump said China was going to pay the tariff, and that's wrong, right? China will still be hurt, to be clear. China will still be hurt, as will our trading partners.

Because even if, let's say, 100% of the tariff cost gets passed along to American consumers, and I don't think it's going to be quite that, but just for the sake of argument, let's say it's entirely paid by American consumers.

Because even if, let's say, 100% of the tariff cost gets passed along to American consumers, and I don't think it's going to be quite that, but just for the sake of argument, let's say it's entirely paid by American consumers.

Because even if, let's say, 100% of the tariff cost gets passed along to American consumers, and I don't think it's going to be quite that, but just for the sake of argument, let's say it's entirely paid by American consumers.

American consumers will respond to those higher prices by buying less stuff, buying fewer of those special needs toys, fewer cars, fewer appliances, maybe fewer healthy groceries, produce, things like that that get tariffed, coffee, vanilla, whatever. Right. People will buy less stuff. And so that will hurt our trading partners.

American consumers will respond to those higher prices by buying less stuff, buying fewer of those special needs toys, fewer cars, fewer appliances, maybe fewer healthy groceries, produce, things like that that get tariffed, coffee, vanilla, whatever. Right. People will buy less stuff. And so that will hurt our trading partners.

American consumers will respond to those higher prices by buying less stuff, buying fewer of those special needs toys, fewer cars, fewer appliances, maybe fewer healthy groceries, produce, things like that that get tariffed, coffee, vanilla, whatever. Right. People will buy less stuff. And so that will hurt our trading partners.