Consider This from NPR: "Trump's Tariffs Are (Still) Coming" – Detailed Summary

Release Date: August 1, 2025

In this episode of NPR's "Consider This," hosts delve deep into the ongoing saga of President Donald Trump's tariff policies, exploring their implementation, impact on businesses and the economy, public reaction, and the administration's responses to emerging challenges.

1. Tariff Implementation and Delays

Ailsa Chang opens the discussion by highlighting the imminent activation of larger tariffs on imports from numerous countries. Initially slated for August 1st, last-minute changes delayed the implementation to August 7th.

• Press Secretary Caroline Levitt (00:15): Announced the activation of reciprocal rates effective August 1st.
• Ailsa Chang (00:19): Notes Trump's executive order shifting the tariff effective date to August 7th, causing continued uncertainty for businesses.

2. Business Impact and Uncertainty

The delayed tariffs have left businesses in a state of flux, grappling with uncertainty rather than the tariffs themselves.

• Shelby Somerville, Greater Louisville, Inc. (00:52): Emphasizes that while businesses can adapt to the tariffs, the constant changes every few days create significant uncertainty, making long-term planning difficult.

Ethan Karp, CEO of Magnet (01:15), provides a nuanced perspective:

"Some of them have gotten new business and they're very optimistic. Some of them have lost business because it's export and the exports were being taxed... But nobody's locked in those orders because nobody knows for sure what the tariffs are going to be." (01:32)

This uncertainty affects both domestic manufacturers and exporters, leading to hesitancy in securing new orders.

3. Economic Rationale and Mixed Outcomes

The administration's stated goals for the tariffs are to support U.S. manufacturers by making their products more competitive against foreign imports. However, early indicators present a mixed picture.

• Donald Trump (06:53): Acknowledges the tariffs may be backfiring by highlighting declining manufacturing jobs and rising prices in consumer goods like toys and appliances, which contribute to inflation.

Ethan Karp (08:03) adds a critical view:

"They can still slow growth. They can still increase prices. You can still do real damage." (08:03)

This suggests that the intended economic boosts may be offset by negative side effects, such as increased consumer costs and slowed economic growth.

4. Latest Economic Data and Market Reactions

The episode discusses recent economic reports that paint a concerning picture of the U.S. economy amidst the tariff implementation.

• Ailsa Chang (04:25) references a jobs report showing weaker-than-expected job growth:

  "US employers added just 73,000 jobs last month, which was a bigger slowdown than economists projected." (04:25)

This disappointing report led to a significant drop in the Dow Jones Industrial Average, falling 542 points (1.25%).

Scott Horsley explains the broader implications:

"The weakness in the job markets likely put more pressure on the Federal Reserve to cut interest rates." (04:25)

However, the Fed remains cautious due to rising inflation tied partly to the tariffs.

5. Public and Political Reactions

Public sentiment towards the tariffs and the administration's economic policies appears increasingly negative.

• Danielle Kurtzleben (07:24): Reports a decline in Trump's economic approval rating to around -12 points. Additionally, Americans express skepticism specifically about the efficacy of tariffs.

Insights from Scott Lincecum of the Cato Institute reinforce this skepticism:

"No matter what size the effects of these tariffs are, the tariffs are still an unforced error." (08:03)

6. GDP Growth and Labor Market Concerns

New GDP data indicates that while the economy grew in the first half of the year, the pace was significantly slower than in previous years.

• Scott Horsley (08:34): Summarizes the GDP growth impact:

"Overall, the US Economy did grow in the first six months of the year, but only about half as fast as in each of the two previous years." (08:34)

Additionally, Trump's policies on immigration are contributing to labor shortages in key industries, as fewer immigrants are available or willing to work, and efforts to increase native-born workforce participation have yet to show substantial results.

7. Presidential Response and Controversy

In response to the disappointing jobs report, President Trump took unprecedented steps by targeting the credibility of economic data.

• Danielle Kurtzleben (09:29): Describes Trump's decision to fire Dr. Erica McIntar, the Labor Statistics commissioner, accusing her of manipulating job numbers to his detriment.

"Trump here is really just casting doubt on economic reality, on a shared reality. And the consequences could be huge." (09:24)

Donald Trump counters these accusations by emphasizing the robustness of factual data:

"The President can take his Sharpie to the hurricane map, but it does not change the shape of the storm." (10:22)

This move has raised concerns about undermining the integrity of economic data and the potential long-term impacts on public trust.

8. Conclusion and Ongoing Developments

The episode concludes by acknowledging the multifaceted and evolving nature of Trump's tariff policies. While aimed at strengthening the U.S. economy and manufacturing, the implementation has led to increased uncertainty, mixed economic outcomes, and political controversy.

Ailsa Chang wraps up by reiterating the complexities of the situation:

"Trump's tariffs are still coming, but how are his plans panning out so far?" (02:07)

As the administration continues to negotiate trade deals and implement new tariffs, the full impact of these policies remains to be seen, with ongoing debates about their efficacy and consequences for the American economy.

Notable Quotes with Timestamps

• Shelby Somerville (00:52): "The uncertainty... is really the uncertainty. So businesses can adapt to taxes and tariffs, but what they can adapt to is something that's changing, you know, every 90 days or every other day."

• Ethan Karp (01:32): "Some of them have gotten new business and they're very optimistic... But nobody's locked in those orders because nobody knows for sure what the tariffs are going to be."

• Donald Trump (06:53): "US Factories have been cutting jobs in each of the last three months... pushing inflation in the wrong direction."

• Ethan Karp (08:03): "They can still slow growth. They can still increase prices. You can still do real damage."

• Donald Trump (10:22): "The President can take his Sharpie to the hurricane map, but it does not change the shape of the storm."

This comprehensive summary captures the critical elements discussed in the episode, providing listeners with a clear understanding of the ongoing developments related to Trump's tariff policies and their broader economic and political implications.