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Money Rehab with Nicole Lapin

Will the New Tariffs Tank the Economy?

04 Apr 2025

Description

The stock market just had its worst day since 2020, and Trump’s proposed “Liberation Day” tariffs are at the center of the storm. The administration is arguing that these sweeping international tariffs will be a win for American workers—promising to bring manufacturing back home, reduce the trade deficit, and generate revenue. But history—and economics—tell a more complicated story. Today, Nicole is joined by investor, author and podcaster James Altucher to break down what these tariffs will mean for the U.S. economy. Together, they dig into the real-world impact on inflation, jobs, trade relationships, and the markets. Is this the beginning of a new era of economic strength, or a fast track to recession? To check out James' podcast, click HERE. To subscribe to James' newsletter, click HERE. For all other James things, go HERE.

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Full Episode

0.329 - 21.875 Nicole Lappin

So I have written, count them, five books now. But each time I'm in the writing process, I stay at an Airbnb. I love to stay at an Airbnb. When I was actually first launching this show, I was at an Airbnb in Arizona. It was so peaceful. It was stunning. I could be productive and comfortable. The Airbnb was also surrounded by a ton of javelinas.

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22.135 - 46.856 Nicole Lappin

If you know Arizona, you know they're like wild pig creatures. But honestly, I love them too. Being away for work, for fun, or both is a perfect opportunity to host your space on Airbnb. And if you think that hosting is overwhelming, I have a solve for you. With Airbnb's co-host network, it's easier than ever before to host. It's also a great way to earn some extra cash, which I know we all love.

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47.116 - 68.452 Nicole Lappin

Now you can hire a quality local co-host to take care of your home and your guests. They can do everything from creating your listing to managing reservations to messaging guests and even providing on-site support. So if you've got a secondary property or an extended trip coming up and you need a little help hosting while you're away, you can hire a co-host to do the work for you.

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68.692 - 96.865 Nicole Lappin

Find a co-host at airbnb.com slash host. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Oof, yesterday, the stock market had its worst day since 2020. And so did my portfolio. Thank you so much for asking. It has been rough.

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97.145 - 111.779 Nicole Lappin

It's in response to Trump's Liberation Day tariffs, sweeping international tariffs that I'm going to dig into today. Trump says these tariffs will be good for American workers, that it will bring manufacturing back home, lower the trade deficit and generate revenue. But will it?

112.38 - 131.408 Nicole Lappin

Because when you start digging into what happens after big tariffs hit, you start seeing phrases like supply chain shock, inflation spike, and my personal favorite, global trade war. Tariffs can be a double-edged sword. They're meant to protect domestic industry, but they can also hike prices for consumers. They can rattle markets, as we've seen.

131.569 - 150.381 Nicole Lappin

They can strain relationships with global trading partners, too. And while it's easy to say buy American, it's a lot harder to do when your grocery bill jumps and that iPhone you were planning to upgrade to suddenly costs 20% more. So today I'm going to ask the big question I think we all are thinking, will these tariffs help the U.S. economy or hurt the U.S. economy?

150.561 - 166.932 Nicole Lappin

And to help me unpack all of this, I'm joined by my friend, investor, author, money rehab alum, James Altucher. James argues that these tariffs might not be the inflation bomb people are afraid of, and that they could, in fact, create new leverage for the U.S. in future trade deals. I play devil's advocate, of course.

167.172 - 181.782 Nicole Lappin

And then James and I zoom out and talk about what these tariffs could mean for the stock market, for jobs, inflation, Bitcoin, and of course, the big one, a recession. James Altucher, welcome back to Money Rehab.

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