The day after "Liberation Day"
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April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again. It was Liberation Day. April 3rd, the day after, won't be remembered, if we're being honest, although there was some notable news. The stock market fell freely and precipitously. People panic bought everything from cars to wine to almonds. And those were just the texts that I got. CEOs lost their minds.
But honestly, this is just a disaster. of idiocy that I can't even tell you beyond proportions. In technicolor. Lower prices. That's the whole reason that this is set up the way it is.
And America's allies, Mos Def, got on a call with China. Today on Today Explained, we celebrate our day after Liberation Day.
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Megan Rapinoe here. This week on A Touch More, we are launching our much-anticipated book club, and we're doing it with Abby Wambach and Glennon Doyle, who will introduce their upcoming book, We Can Do Hard Things, Answers to Life's 20 Questions. Plus, we've got some fun and important updates from The W and the NWSL, and of course, we've got a new Are You a Megan or Are You a Sue? Check out the latest episode of A Touch More wherever you get your podcasts and on YouTube.
The golden age of America begins right now. On Today Explained. I'm Noelle King with Abdullah Fayyad. He covers policy at Vox, including trade. And this week, Abdullah wrote a piece about how tariffs are not all bad. Abdullah, in his first term, President Trump utilized tariffs. Then he was elected again, and he's utilized them even more. As of Liberation Day and this big announcement, do you understand what his philosophy on tariffs is?
It's really hard to understand what Trump really sees in tariffs altogether. And that's because he really seems to view them as a solution to everything. He's been railing about tariffs for a long time. And since he came in this time around, you know, he went out swinging for tariffs for all these different reasons.
They've treated our farmers badly. Look, our country's been ripped off by everybody. That stops now. They manipulated their currency, subsidized their exports, stole our intellectual property.
not just a matter of addressing trade deficits or protectionism for our domestic manufacturers of helping industries grow in the United States. He's also talked about tariffs for curbing immigration and fentanyl. He's talked about tariffs as a means, as a negotiating chip to close in on a TikTok deal with China.
You know, because every point in tariffs is worth more money than TikTok.
So, you know, they're kind of all over the place. He wants them to raise a lot of revenue for the United States. And he also seems to want to use them, you know, for the more traditional protectionist policy of helping prop up domestic industries, you know, like certain manufacturing industries, be it, you know, steel industry, automakers, the auto industry and things of that nature.
So economists will often tell you that tariffs are a tool. And Donald Trump seems to be saying, yes, they are. And they're not, you know, a hammer or a wrench. They're a Swiss army knife. You can do anything with them. Why is that a problem, if indeed it is?
You know, tariffs are a tool, you know, in the industrial policy toolkit. And there are times where they can be useful. But the problem is, is when you over rely on them, you know, the costs are much greater than the benefits. You know, when Trump is implementing tariffs in the way that he is, broad-based tariffs on all imports, 10% and higher, you know, from countries, be they adversaries or allies. When you're implementing tariffs that way, the costs are going to be higher than the benefits because essentially, you know, tariffs are a consumption tax.
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