Justin Wolfers

And it's utterly clear that what happened was the president just called Starmer and said, yeah, I know we're probably about a third of the way through this negotiation, but we're announcing tomorrow you win. We know that because Starmer actually wanted to watch the Arsenal football game on a Thursday night.

On Friday, the press said to him, did you expect to be here today doing this? And he said no. So you might think, well, if we have to announce a deal that we actually haven't negotiated, what is it we're announcing? There were very different announcements in the US and the UK. In the US, Trump calls it a comprehensive, wide-ranging agreement. In the UK, Starmer is mildly more honest.

On Friday, the press said to him, did you expect to be here today doing this? And he said no. So you might think, well, if we have to announce a deal that we actually haven't negotiated, what is it we're announcing? There were very different announcements in the US and the UK. In the US, Trump calls it a comprehensive, wide-ranging agreement. In the UK, Starmer is mildly more honest.

On Friday, the press said to him, did you expect to be here today doing this? And he said no. So you might think, well, if we have to announce a deal that we actually haven't negotiated, what is it we're announcing? There were very different announcements in the US and the UK. In the US, Trump calls it a comprehensive, wide-ranging agreement. In the UK, Starmer is mildly more honest.

Here's what that deal was, though. The Americans walk into the room and say, we're doing a 10% across the board tariff. You've got 10%. So what I want you to do is now just think about one big sheet of paper with the word 10% written in 96-point font. Then they put an asterisk next to it. The asterisk in 6-point font. The asterisk is, now we'll do you a deal.

Here's what that deal was, though. The Americans walk into the room and say, we're doing a 10% across the board tariff. You've got 10%. So what I want you to do is now just think about one big sheet of paper with the word 10% written in 96-point font. Then they put an asterisk next to it. The asterisk in 6-point font. The asterisk is, now we'll do you a deal.

Here's what that deal was, though. The Americans walk into the room and say, we're doing a 10% across the board tariff. You've got 10%. So what I want you to do is now just think about one big sheet of paper with the word 10% written in 96-point font. Then they put an asterisk next to it. The asterisk in 6-point font. The asterisk is, now we'll do you a deal.

So this 10% that was officially going to be the leverage and the bargaining power is no longer being bargained with at all. The end of the deal actually says this is not a binding legal commitment. Classic Trump. It's a deal to make a deal, but it does have a couple of commitments in it.

So this 10% that was officially going to be the leverage and the bargaining power is no longer being bargained with at all. The end of the deal actually says this is not a binding legal commitment. Classic Trump. It's a deal to make a deal, but it does have a couple of commitments in it.

So this 10% that was officially going to be the leverage and the bargaining power is no longer being bargained with at all. The end of the deal actually says this is not a binding legal commitment. Classic Trump. It's a deal to make a deal, but it does have a couple of commitments in it.

The Brits are going to buy American ethanol, which serves a particular American constituency, albeit not the American worker. And the Americans are going to allow a certain amount of steel and aluminium in at a lower tariff. And 100,000 British cars are going to come in at a reduced tariff, lower than if it were coming from other countries.

The Brits are going to buy American ethanol, which serves a particular American constituency, albeit not the American worker. And the Americans are going to allow a certain amount of steel and aluminium in at a lower tariff. And 100,000 British cars are going to come in at a reduced tariff, lower than if it were coming from other countries.

The Brits are going to buy American ethanol, which serves a particular American constituency, albeit not the American worker. And the Americans are going to allow a certain amount of steel and aluminium in at a lower tariff. And 100,000 British cars are going to come in at a reduced tariff, lower than if it were coming from other countries.

Do you know what British cars we import into this country, Tim? Probably Rolls Royces, Jaguar. Land Rover, Bentley, Aston Martin, and actually the Mini. So there's something there for the upper middle class too. So...

Do you know what British cars we import into this country, Tim? Probably Rolls Royces, Jaguar. Land Rover, Bentley, Aston Martin, and actually the Mini. So there's something there for the upper middle class too. So...

Do you know what British cars we import into this country, Tim? Probably Rolls Royces, Jaguar. Land Rover, Bentley, Aston Martin, and actually the Mini. So there's something there for the upper middle class too. So...

I just want you to imagine the meeting in which someone says to the president, the voters are revolting, they don't like the distributional implications of these tariffs because they hurt the working and middle class. And Trump says, you know what I'll do? I'll carve out British cars.

I just want you to imagine the meeting in which someone says to the president, the voters are revolting, they don't like the distributional implications of these tariffs because they hurt the working and middle class. And Trump says, you know what I'll do? I'll carve out British cars.

I just want you to imagine the meeting in which someone says to the president, the voters are revolting, they don't like the distributional implications of these tariffs because they hurt the working and middle class. And Trump says, you know what I'll do? I'll carve out British cars.

There's a little bit of a carve out for plane parts as well, yeah. But for consumers, the only consumer facing good... Das Einzige, was die Verkäufer aufgehoben haben, waren britische Autos, die günstigste von denen ist eine Mini.