Ezra Klein

But what that is, is a stable change in the cost structure for all corporations and all trade. And then different players can make different investment decisions in the long term based on this new cost structure. What he's doing, as Derek said, and I've had these funny experiences where I'm literally doing a podcast with a tariffs expert, and I'll be talking about the auto parts problem.

And then my producer will be like, he just delayed the tariff on the auto parts. What he's doing with these tariffs that you move on and you move off and you negotiate over endlessly, and I've been told this again by people around him, is their view is that America had leverage it wasn't using. And tariffs in particular are a form of executive control.

And then my producer will be like, he just delayed the tariff on the auto parts. What he's doing with these tariffs that you move on and you move off and you negotiate over endlessly, and I've been told this again by people around him, is their view is that America had leverage it wasn't using. And tariffs in particular are a form of executive control.

And then my producer will be like, he just delayed the tariff on the auto parts. What he's doing with these tariffs that you move on and you move off and you negotiate over endlessly, and I've been told this again by people around him, is their view is that America had leverage it wasn't using. And tariffs in particular are a form of executive control.

Trade deals need to be negotiated and ratified with Congress. Trade deals are something you have to do with the rest of the system. But tariffs are something Trump can do unilaterally. And one thing Trump wants is control. That is the through line of virtually everything in his politics. Tariffs are a leverage-based form of foreign policy. They are America has the biggest economy in the world.

Trade deals need to be negotiated and ratified with Congress. Trade deals are something you have to do with the rest of the system. But tariffs are something Trump can do unilaterally. And one thing Trump wants is control. That is the through line of virtually everything in his politics. Tariffs are a leverage-based form of foreign policy. They are America has the biggest economy in the world.

Trade deals need to be negotiated and ratified with Congress. Trade deals are something you have to do with the rest of the system. But tariffs are something Trump can do unilaterally. And one thing Trump wants is control. That is the through line of virtually everything in his politics. Tariffs are a leverage-based form of foreign policy. They are America has the biggest economy in the world.

that anybody who's gonna get into a trade war with us is going to suffer worse than we will. And there's something where the president can use the tariffs because of authority granted by Congress some time ago for other purposes. He can use them with a huge amount of discretion. So you can use them on the one hand to say,

that anybody who's gonna get into a trade war with us is going to suffer worse than we will. And there's something where the president can use the tariffs because of authority granted by Congress some time ago for other purposes. He can use them with a huge amount of discretion. So you can use them on the one hand to say,

that anybody who's gonna get into a trade war with us is going to suffer worse than we will. And there's something where the president can use the tariffs because of authority granted by Congress some time ago for other purposes. He can use them with a huge amount of discretion. So you can use them on the one hand to say,

Well, I think that we've lost too much manufacturing and the dollar is undervalued in other places and so or overvalued rather. And so we want to use tariffs to make the cost structure differently so that people to locate more of the supply chains and the intermediate manufacturing in the United States.

Well, I think that we've lost too much manufacturing and the dollar is undervalued in other places and so or overvalued rather. And so we want to use tariffs to make the cost structure differently so that people to locate more of the supply chains and the intermediate manufacturing in the United States.

Well, I think that we've lost too much manufacturing and the dollar is undervalued in other places and so or overvalued rather. And so we want to use tariffs to make the cost structure differently so that people to locate more of the supply chains and the intermediate manufacturing in the United States.

But you can also use a tariff to say Colombia has to take the people we're deporting and they have to take them in chains. And Donald Trump is doing both things. And the reason I think it's important to keep those in mind is that what Donald Trump wants, what connects a lot of different things, is that he wants leverage over things. I think it connects to Eric Adams.

But you can also use a tariff to say Colombia has to take the people we're deporting and they have to take them in chains. And Donald Trump is doing both things. And the reason I think it's important to keep those in mind is that what Donald Trump wants, what connects a lot of different things, is that he wants leverage over things. I think it connects to Eric Adams.

But you can also use a tariff to say Colombia has to take the people we're deporting and they have to take them in chains. And Donald Trump is doing both things. And the reason I think it's important to keep those in mind is that what Donald Trump wants, what connects a lot of different things, is that he wants leverage over things. I think it connects to Eric Adams.

And you were sitting here talking in New York City. Eric Adams is a Democratic mayor. Donald Trump is no truck with Eric Adams. He did not support Eric Adams. Eric Adams is not his natural ally. But what he had over Eric Adams, he realized, was a leverage that he could get the cases off of Eric Adams and then get Eric Adams in his pocket. So Donald Trump stepped in to save like the

And you were sitting here talking in New York City. Eric Adams is a Democratic mayor. Donald Trump is no truck with Eric Adams. He did not support Eric Adams. Eric Adams is not his natural ally. But what he had over Eric Adams, he realized, was a leverage that he could get the cases off of Eric Adams and then get Eric Adams in his pocket. So Donald Trump stepped in to save like the

And you were sitting here talking in New York City. Eric Adams is a Democratic mayor. Donald Trump is no truck with Eric Adams. He did not support Eric Adams. Eric Adams is not his natural ally. But what he had over Eric Adams, he realized, was a leverage that he could get the cases off of Eric Adams and then get Eric Adams in his pocket. So Donald Trump stepped in to save like the

like the corrupt Democratic mayor of New York City, not because they have a deep ideological alliance, but because then Donald Trump would have power over New York City and its policy that he wouldn't otherwise have. The thing that connects Trump, Trump is a very old school politician. He's very relational. He's very 19th century. He's looking for the angle. He's very zero sum.