Michael Barbaro

It was off 20%.

Ben, despite how worried so many of our listeners are about what tariffs are going to mean for cost, product availability, car purchasing, home purchasing, job market, a fair number of folks asked us what it would be like for the tariffs to accomplish what the president has said that he thinks they could, which is to bring back domestic manufacturing. Now here, I know you,

Ben, despite how worried so many of our listeners are about what tariffs are going to mean for cost, product availability, car purchasing, home purchasing, job market, a fair number of folks asked us what it would be like for the tariffs to accomplish what the president has said that he thinks they could, which is to bring back domestic manufacturing. Now here, I know you,

You're about to tell me that mainstream economists of all political stripes have a lot of doubts that tariffs can bring back domestic manufacturing. But I think what listeners are trying to understand is what would be the impacts of a renewed U.S. manufacturing base?

You're about to tell me that mainstream economists of all political stripes have a lot of doubts that tariffs can bring back domestic manufacturing. But I think what listeners are trying to understand is what would be the impacts of a renewed U.S. manufacturing base?

Because they've actually made the cost of bringing manufacturing back so high. You've said that to us in the past. Business folks are basically telling you the current tariff scheme introduced by Trump is an impediment to bringing manufacturing back.

Because they've actually made the cost of bringing manufacturing back so high. You've said that to us in the past. Business folks are basically telling you the current tariff scheme introduced by Trump is an impediment to bringing manufacturing back.

Ben, as we come to the end of the conversation, I want to acknowledge that a big thread running through a lot of the questions we got was an even deeper worry about what might happen. And a lot of people named it the R word. Let me play you some of those questions.

Ben, as we come to the end of the conversation, I want to acknowledge that a big thread running through a lot of the questions we got was an even deeper worry about what might happen. And a lot of people named it the R word. Let me play you some of those questions.

So how likely is a recession? to be at this moment? And how likely is something potentially even worse than just a recession?

So how likely is a recession? to be at this moment? And how likely is something potentially even worse than just a recession?

A deal could be reached with China.

A deal could be reached with China.

Okay, you can't use the word disastrous without telling me what you mean.

Okay, you can't use the word disastrous without telling me what you mean.

On the other hand... One of the realities of an unpredictable moment and an unpredictable administration is that we could also be looking at a scenario in which the tariffs get peeled back. the stock market starts to inch up, gets back to where it was when Trump took office, and confidence in the U.S. financial system remains relatively high and ultimately unblemished.

On the other hand... One of the realities of an unpredictable moment and an unpredictable administration is that we could also be looking at a scenario in which the tariffs get peeled back. the stock market starts to inch up, gets back to where it was when Trump took office, and confidence in the U.S. financial system remains relatively high and ultimately unblemished.

Well, thank you, Ben.

Well, thank you, Ben.

On Friday afternoon, U.S. stocks led by the S&P 500 erased the deep losses that they suffered in the days after President Trump ruled out his tariffs on April 2nd. But the increase in stock prices comes despite warnings that the tariffs could spark a recession. And it's unclear what the next few days and weeks of trading will ultimately bring. We'll be right back.