Natalie Kitroweth

While this is a tragedy, it is also the new reality.

While this is a tragedy, it is also the new reality.

I mean, I was going to say, Michael, that you might forgive the three of us. I think we're all either current or former business reporters on this roundtable for being really worked up about all of this. You might think that we're a little bit excited because this is our sandbox that we play in, but It's a huge deal.

I mean, I was going to say, Michael, that you might forgive the three of us. I think we're all either current or former business reporters on this roundtable for being really worked up about all of this. You might think that we're a little bit excited because this is our sandbox that we play in, but It's a huge deal.

It's not just a huge deal for markets, which we're seeing a massive reaction in global markets. But it's a huge deal for the way that Americans live their lives. As Peter is saying, we're talking about a total reconfiguration of the trade order. And that is not just an econ nerd concern.

It's not just a huge deal for markets, which we're seeing a massive reaction in global markets. But it's a huge deal for the way that Americans live their lives. As Peter is saying, we're talking about a total reconfiguration of the trade order. And that is not just an econ nerd concern.

So it's huge.

So it's huge.

Well, OK, it's not totally clear exactly what the aim is here. But as Peter just said, it sort of seems as though a big motive of these tariffs is to shut down Asia as a source of manufactured goods. And the tariffs that were announced on Wednesday did not include Mexico and Canada. Notably and obviously by design. Right.

Well, OK, it's not totally clear exactly what the aim is here. But as Peter just said, it sort of seems as though a big motive of these tariffs is to shut down Asia as a source of manufactured goods. And the tariffs that were announced on Wednesday did not include Mexico and Canada. Notably and obviously by design. Right.

There is this sense among some of the analysts that I've been talking to that the goal here, or at least a potential effect, is to strengthen the North American trading bloc. So where do you go if it's not Vietnam or China? You potentially go to Mexico. I mean, obviously, Trump's ideal is that you go to the United States.

There is this sense among some of the analysts that I've been talking to that the goal here, or at least a potential effect, is to strengthen the North American trading bloc. So where do you go if it's not Vietnam or China? You potentially go to Mexico. I mean, obviously, Trump's ideal is that you go to the United States.

But even if you don't go to the United States, a potential outcome here is that there is more incentive for manufacturers to make their stuff in Mexico, in the United States or in Canada. And there's a potential gain there for the North American trading block, which is that It gets preferential treatment.

But even if you don't go to the United States, a potential outcome here is that there is more incentive for manufacturers to make their stuff in Mexico, in the United States or in Canada. And there's a potential gain there for the North American trading block, which is that It gets preferential treatment.

We don't know if that's what's going to happen, but it certainly seems as though, as you said, Michael, the design might lead us there.

We don't know if that's what's going to happen, but it certainly seems as though, as you said, Michael, the design might lead us there.

No, for weeks he's been smacking Mexico and Canada in the face. I mean, there are 25% tariffs that went into effect on Thursday on finished vehicles. We expect the same tariffs to go into effect on auto parts in the beginning of May. There are tariffs on steel and aluminum. That really hits Canada hard. It also hits Mexico.

No, for weeks he's been smacking Mexico and Canada in the face. I mean, there are 25% tariffs that went into effect on Thursday on finished vehicles. We expect the same tariffs to go into effect on auto parts in the beginning of May. There are tariffs on steel and aluminum. That really hits Canada hard. It also hits Mexico.

There are 25% tariffs on all goods that don't fall within the USMCA, the free trade agreement between the three countries. This is a huge economic burden on these countries and a big, big hit to their trading relationship with the United States.

There are 25% tariffs on all goods that don't fall within the USMCA, the free trade agreement between the three countries. This is a huge economic burden on these countries and a big, big hit to their trading relationship with the United States.