President Donald Trump unveiled sweeping tariffs on American imports, with the levies coming in higher than expected. Do we need to be stockpiling our carts to get in front of rising costs? We asked economists how they’re personally preparing for higher prices. Plus, Reema and Kimberly unpack international responses as countries buckle up to negotiate — or take retaliatory measures. Also, why are we putting tariffs on uninhabited islands near Antarctica?Here’s everything we talked about today:“Tariffs Will Hit All U.S. Imports. Price Hikes for These Items May Surprise You” from The Wall Street Journal“Tariff-related layoffs hit five US auto plants that supply factories in Canada and Mexico” from CNN Business“Sweeping Trump tariffs shock global economy, draw calls for talks” by AP NewsWatch: “In Full: Prime Minister Anthony Albanese responds to new US tariffs” by ABC News Australia on YouTube “‘Nowhere on Earth is safe’: Trump imposes tariffs on uninhabited islands near Antarctica” by The Guardian “The Blunt Force Trauma of the Trump Tariffs” from Wired “Support Grows for President Trump’s America First Reciprocal Trade Plan” from The White House Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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