Ryan Knutson and Molly Ball unpack the administration’s onslaught of new tariffs and break down what election results in Florida and Wisconsin mean for each party. Plus, they speak with WSJ’s Michelle Hackman about Trump’s aggressive immigration efforts including student deportations. Further Listening: -Trump’s Tariffs Force a New Era in Global Trade -Trump 2.0: Group Chat Fallout -Three Federal Workers Hit by DOGE Learn more about your ad choices. Visit megaphone.fm/adchoices
Full Episode
Hey, Molly.
Hey, Ryan.
How was your liberation day?
Oh, my gosh. So, you know, we all put on our fancy hats. We went to the ticker tape parade and we blew things up. For example, the global economy.
Right. That's what the fireworks were. Investors' heads exploding over this news. We are, of course, talking about President Trump's announcement to impose massive tariffs on virtually every country in the world. something that he's been calling Liberation Day. And while the economy didn't quite blow up, Wall Street was not celebrating.
Markets went down a lot, and a lot of business leaders are kind of freaking out right now.
That's right. It was really, I mean, I feel like we've used the phrase shock and awe a lot on this show. But they really did decide to go big. And it's interesting because he really went as far as he has ever threatened to go. And, you know, there was this idea that he could do something across the board. He could do something, quote unquote, reciprocal. He decided not. D, all of the above.
He did a version of an across-the-board tariff combined with what he called a reciprocal tariff, but one that was not based on tariff rates, but on trade imbalances. And so, yeah, they really went for it.
From The Journal, this is Trump 2.0. I'm Ryan Knudson.
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