Ezra Klein

One thing I am getting asked by a lot of people in my life is, should I buy the dip? And I know you don't offer investing advice, but I think the intuition is that, look, the stock market goes like down at times, up at times, but it always just kind of keeps its march upward over time. And, you know, how bad can this really get? It's just a kind of spat over tariffs. He's going to back off.

One thing I am getting asked by a lot of people in my life is, should I buy the dip? And I know you don't offer investing advice, but I think the intuition is that, look, the stock market goes like down at times, up at times, but it always just kind of keeps its march upward over time. And, you know, how bad can this really get? It's just a kind of spat over tariffs. He's going to back off.

Do you look at the market correction here and say, well, this is as bad as it can get? We're probably at the bottom of this? Or do you look at the history here and say, no, you have no idea how bad something like this can get?

Do you look at the market correction here and say, well, this is as bad as it can get? We're probably at the bottom of this? Or do you look at the history here and say, no, you have no idea how bad something like this can get?

So the Trump administration can see all this. They know markets are crashing. In his first term, Trump was considered to be very sensitive to market reaction. They know that various indicators of a future recession, forecasts and this and that, are beginning to blink more red. They are choosing to take on this pain. This is completely optional. Why do you think they think they are doing it?

So the Trump administration can see all this. They know markets are crashing. In his first term, Trump was considered to be very sensitive to market reaction. They know that various indicators of a future recession, forecasts and this and that, are beginning to blink more red. They are choosing to take on this pain. This is completely optional. Why do you think they think they are doing it?

Or if they is not the right unit here, why do you think Donald Trump thinks he is doing it? Okay.

Or if they is not the right unit here, why do you think Donald Trump thinks he is doing it? Okay.

Okay, so what do you think he thinks they don't understand? What is, to him, the brilliance of his policy?

Okay, so what do you think he thinks they don't understand? What is, to him, the brilliance of his policy?

I know, too, there's a deep contradiction in the way it's been getting justified from two sides of the administration or maybe the Republican Party. So one, which you'll hear, is that this is about reindustrializing America. And to do that, if you believe tariffs could do that, which I don't really, but let's put that aside for a minute.

I know, too, there's a deep contradiction in the way it's been getting justified from two sides of the administration or maybe the Republican Party. So one, which you'll hear, is that this is about reindustrializing America. And to do that, if you believe tariffs could do that, which I don't really, but let's put that aside for a minute.

If you believe they could do that, what you need is a highly stable tariff regime. And then there's another justification you're hearing. John Thune, the Senate majority leader, said something like this, which is that these are all a negotiating tool to get a better deal out of other countries. This is more of the sort of reciprocity argument.

If you believe they could do that, what you need is a highly stable tariff regime. And then there's another justification you're hearing. John Thune, the Senate majority leader, said something like this, which is that these are all a negotiating tool to get a better deal out of other countries. This is more of the sort of reciprocity argument.

It's also the he lays down tariffs and you get something on fentanyl trafficking enforcement, get something on immigration. Right. But if these are all negotiating tools, then they're not a stable cost structure that companies can use to decide if they're going to reinvest in America.

It's also the he lays down tariffs and you get something on fentanyl trafficking enforcement, get something on immigration. Right. But if these are all negotiating tools, then they're not a stable cost structure that companies can use to decide if they're going to reinvest in America.

And then I guess there's this third one, which is that the tariffs are going to raise money so they can cut income taxes or pay for Donald Trump's tax cuts. And the Treasury secretary said the money would be used to get rid of the tax on tips.

And then I guess there's this third one, which is that the tariffs are going to raise money so they can cut income taxes or pay for Donald Trump's tax cuts. And the Treasury secretary said the money would be used to get rid of the tax on tips.

to get rid of taxes on social security so really this is a tax cut for the working class and again in that case then they have to stay on and be at a pretty high level if they're going to finance that so these are contradictory policies that require different tariff regimes but i'm seeing them sort of all invoked basically constantly

to get rid of taxes on social security so really this is a tax cut for the working class and again in that case then they have to stay on and be at a pretty high level if they're going to finance that so these are contradictory policies that require different tariff regimes but i'm seeing them sort of all invoked basically constantly