Gavin Bade

Wow. I am just seeing this for the first time.

Wow. I am just seeing this for the first time.

And that, dear listeners, is how fast things change in Washington in the second Trump administration. Things can turn on a dime here. You know, this is just, it's just emblematic of how unpredictable these things are.

And that, dear listeners, is how fast things change in Washington in the second Trump administration. Things can turn on a dime here. You know, this is just, it's just emblematic of how unpredictable these things are.

And that, dear listeners, is how fast things change in Washington in the second Trump administration. Things can turn on a dime here. You know, this is just, it's just emblematic of how unpredictable these things are.

Yes, and I think that that is, I mean, the threat of the tariffs in one form or another is going to remain on almost every nation throughout the world throughout Trump's term, right? Because if he gets mad at you, he's shown that he is willing to risk significant damage to the U.S. economy to make a point. And I think that's what he's doing here, right?

Yes, and I think that that is, I mean, the threat of the tariffs in one form or another is going to remain on almost every nation throughout the world throughout Trump's term, right? Because if he gets mad at you, he's shown that he is willing to risk significant damage to the U.S. economy to make a point. And I think that's what he's doing here, right?

Yes, and I think that that is, I mean, the threat of the tariffs in one form or another is going to remain on almost every nation throughout the world throughout Trump's term, right? Because if he gets mad at you, he's shown that he is willing to risk significant damage to the U.S. economy to make a point. And I think that's what he's doing here, right?

Could they have come to this agreement without, you know, imposing tariffs and spooking the market and sending everyone into a tizzy? Maybe. But that confusion and that panic is a feature of the system for Trump, not a bug.

Could they have come to this agreement without, you know, imposing tariffs and spooking the market and sending everyone into a tizzy? Maybe. But that confusion and that panic is a feature of the system for Trump, not a bug.

Could they have come to this agreement without, you know, imposing tariffs and spooking the market and sending everyone into a tizzy? Maybe. But that confusion and that panic is a feature of the system for Trump, not a bug.

Well, I think there's a few different ways to look at it here. This is tariffs for punitive measures, right? These are punitive penalizing tariffs, things that are connected not to a trade irritant, but to one of Trump's other bugaboos, right? Migration, fentanyl. So that's one thing where you see these really bellicose tariff threats. But I think we should conceptually separate that from...

Well, I think there's a few different ways to look at it here. This is tariffs for punitive measures, right? These are punitive penalizing tariffs, things that are connected not to a trade irritant, but to one of Trump's other bugaboos, right? Migration, fentanyl. So that's one thing where you see these really bellicose tariff threats. But I think we should conceptually separate that from...

Well, I think there's a few different ways to look at it here. This is tariffs for punitive measures, right? These are punitive penalizing tariffs, things that are connected not to a trade irritant, but to one of Trump's other bugaboos, right? Migration, fentanyl. So that's one thing where you see these really bellicose tariff threats. But I think we should conceptually separate that from...

other tariffs that Trump has talked about. For instance, last week he said, we're going to put tariffs on semiconductors. We're going to do it on pharmaceuticals. Those are tariffs that are to remedy what are specific trade irritants for Trump.

other tariffs that Trump has talked about. For instance, last week he said, we're going to put tariffs on semiconductors. We're going to do it on pharmaceuticals. Those are tariffs that are to remedy what are specific trade irritants for Trump.

other tariffs that Trump has talked about. For instance, last week he said, we're going to put tariffs on semiconductors. We're going to do it on pharmaceuticals. Those are tariffs that are to remedy what are specific trade irritants for Trump.

And then third, there's still going to be, we've heard, you know, we believe, still going to be a broad-based tariff of some sort that is mostly aimed not at rebalancing trade, but but raising money for the U.S. Treasury, raising money so that Trump can do tax cuts and pay for them with tariffs. That is a strategy that we haven't really seen in over 100 years in the United States.

And then third, there's still going to be, we've heard, you know, we believe, still going to be a broad-based tariff of some sort that is mostly aimed not at rebalancing trade, but but raising money for the U.S. Treasury, raising money so that Trump can do tax cuts and pay for them with tariffs. That is a strategy that we haven't really seen in over 100 years in the United States.

And then third, there's still going to be, we've heard, you know, we believe, still going to be a broad-based tariff of some sort that is mostly aimed not at rebalancing trade, but but raising money for the U.S. Treasury, raising money so that Trump can do tax cuts and pay for them with tariffs. That is a strategy that we haven't really seen in over 100 years in the United States.