Noel King

President Trump was put on the spot last week when a reporter asked whether Americans should expect shortages as a result of his trade war. He gave a classic off-the-cuff answer.

Then he had some time to think about it further and decided he's right.

Then he had some time to think about it further and decided he's right.

Then he had some time to think about it further and decided he's right.

Here he is on NBC's Meet the Press with Kristen Welker.

Here he is on NBC's Meet the Press with Kristen Welker.

Here he is on NBC's Meet the Press with Kristen Welker.

wild. Economists say if you look at what's coming into the U.S. on ships from China, shortages are nearly guaranteed. Shortages of what, though, other than dolls and pencils? Answers to come on Today Explained.

wild. Economists say if you look at what's coming into the U.S. on ships from China, shortages are nearly guaranteed. Shortages of what, though, other than dolls and pencils? Answers to come on Today Explained.

wild. Economists say if you look at what's coming into the U.S. on ships from China, shortages are nearly guaranteed. Shortages of what, though, other than dolls and pencils? Answers to come on Today Explained.

I remember in the days before Liberation Day, friends and family members told me they were panic buying stuff. We're going to go and get new tires. We're going to go and get a car. Somebody was buying wine. I can't even remember who. Does it make sense to panic buy anything right now?

I remember in the days before Liberation Day, friends and family members told me they were panic buying stuff. We're going to go and get new tires. We're going to go and get a car. Somebody was buying wine. I can't even remember who. Does it make sense to panic buy anything right now?

I remember in the days before Liberation Day, friends and family members told me they were panic buying stuff. We're going to go and get new tires. We're going to go and get a car. Somebody was buying wine. I can't even remember who. Does it make sense to panic buy anything right now?

You're saying that even if President Trump does backpedal, which he's been known to do when things get dire, that doesn't negate the conversation we're having.

You're saying that even if President Trump does backpedal, which he's been known to do when things get dire, that doesn't negate the conversation we're having.

You're saying that even if President Trump does backpedal, which he's been known to do when things get dire, that doesn't negate the conversation we're having.

Laurie, over the last 10 days, right up until Monday, the stock market, instead of looking wobbly, has been on an upward tear, making back a lot of the losses that followed Liberation Day. I would think that the markets would be paralyzed as they await this shock. What do you think is going on? What does the market know that we don't?

Laurie, over the last 10 days, right up until Monday, the stock market, instead of looking wobbly, has been on an upward tear, making back a lot of the losses that followed Liberation Day. I would think that the markets would be paralyzed as they await this shock. What do you think is going on? What does the market know that we don't?

Laurie, over the last 10 days, right up until Monday, the stock market, instead of looking wobbly, has been on an upward tear, making back a lot of the losses that followed Liberation Day. I would think that the markets would be paralyzed as they await this shock. What do you think is going on? What does the market know that we don't?

You get to talk to people like Secretary Lutnick, which is very cool. If you were able to give him advice to tell him, look, here's what you and the Trump administration should do now, what would your advice be?