“Liberation Day” has come and gone. The massive tariff announcement from the White House that landed just after markets closed on Wednesday. It’s a sweeping 10% universal tariff on all goods, effective Saturday, April 5th, with even higher rates for countries like China (34%), the EU (20%), Japan (24%), and an eyebrow-raising 46% for Vietnam. Cars assembled abroad? They’re getting hit with a 25% tariff starting May 3rd.

Put simply, the market didn’t take kindly to this. It’s been a financial bloodbath: the Dow fell 1,400 points (around 3.8%), with the S&P and NASDAQ down even more. Apple and Nvidia alone lost a combined $470 billion in value, and the dollar hit a six-month low. Investors are clearly spooked by what could be the beginning of a global trade war. I’m not an economist, and I plan to have some real-deal experts on the show next week to discuss this in more detail, but from where I sit, this feels like a high-stakes gamble.

Politically, this is an all-in move by Trump. If his critics are right, this could usher in financial ruin. But if the market recovers, prices stabilize, and jobs return, then maybe — just maybe — he’s onto something. The key indicators to watch: inflation and jobs. If grocery bills soar, he’s in trouble. If not, and if some manufacturing jobs make their way back to the U.S., this could be a paradigm shift.

We’re witnessing something that happens maybe once in a generation — one of America’s major political parties changing its stance on a foundational economic principle. The GOP, long champions of free trade, are now planting their flag in protectionist soil. I grew up associating tariffs with progressive, union-backed economic arguments. Yet here we are, with a Republican president pushing a policy that would’ve made progressives cheer in decades past.

Trump’s economic approach would have been seen as left-wing populism not too long ago. The idea that tariffs can be used to protect American jobs is not new, but seeing it come from the right is a dramatic turn. It makes this moment politically fascinating, even if it brings financial risk.

The big question remains: who’s right? Every economist I’ve ever read has warned against tariffs, citing global market efficiencies and the cost to consumers. But Trump is betting on a different equation — one where protecting American industries and reducing the trade deficit leads to long-term gains.

As I look at this from my seat, the numbers make me queasy. A 46% tariff on Vietnam because of a trade deficit calculation? That feels arbitrary at best. Aiming for a zero trade deficit with every nation doesn’t necessarily reflect economic reality. We’ll see how this unfolds, but for now, it’s a major inflection point in both economic policy and political identity.

Chapters

00:00:00 - Intro and Tariff Thoughts

00:09:29 - Interview with Karol Markowicz

00:25:00 - Update

00:26:39 - Eric Adams Goes Independent

00:30:10 - NSC Firings

00:33:11 - Senate Republican’s Budget Plan

00:37:28 - Interview with Karol Markowicz, continued

01:06:13 - Wrap-up