What tariff turmoil could mean for you

Summary

Here's the Scoop: Episode Summary – "What Tariff Turmoil Could Mean for You"

Release Date: July 9, 2025
Host: Yasmin Vossoughian with contributions from Sean Williams and Stephanie Gosk

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1. President Trump's Tariffs: Extensions and Economic Implications

Overview:
The episode opens with Yasmin Vossoughian addressing the ongoing developments surrounding President Donald Trump's tariff policies. Initially announced on April 1 during "Liberation Day," these tariffs aimed to protect American industries by imposing reciprocal rates on various countries. However, as the 90-day negotiation window expired, progress fell short, prompting President Trump to extend the deadline to August 1.

Key Points:

• Deadline Extension:
  Sean Williams explains, “the original July 9 deadline for the tariffs being put back into place after this pause is functionally dead” (01:38), as an executive order shifted the deadline to August 1 (02:15). This extension provides additional time for negotiations, though remains uncertain.

• Limited Deals Achieved:
  Yasmin highlights that President Trump is “about 88 deals short” of his target, leading to further delays. Sean critiques the administration’s approach, noting, “every time a letter goes out, it's a deal. But it's not really a deal” (02:18), suggesting ambiguity in the communication of tariff negotiations.

• Market Reactions:
  Reflecting on market responses, Sean states, “since then, Wall Street has basically kind of shrugged all of this off” (03:13). He cites UBS's analysis that markets no longer take Trump’s tariff threats seriously, coining the acronym TACO (“Trump Always Cuts Off”) to describe perceived inconsistencies in his trade policies (04:04).

• Consumer Impact:
  Yasmin inquires about tangible effects on consumers, to which Sean responds by detailing price hikes in specific categories:

  • Appliances & Electronics: “Smartphone prices have been going up by hundreds of dollars” (05:03).
  • Household Items: Noteworthy increases in products like Keurig coffee machines, with prices rising from $200 to $220 (05:39).

• Shopping Strategies:
  Sean advises listeners to take advantage of current deals, as retailers like Best Buy and Amazon are offering “the best deals you're going to get all year” (06:00). However, he cautions against panic buying, emphasizing the importance of purchasing only necessary items to avoid unnecessary expenses during economic uncertainty.

2. Conspiracy Theories Surrounding Jeffrey Epstein

Overview:
The conversation shifts to the resurgence of conspiracy theories related to Jeffrey Epstein’s death and his alleged client list. Yasmin introduces NBC News correspondent Stephanie Gosk to provide expert insights into the ongoing speculations.

Key Points:

• Renewed Speculations:
  Yasmin discusses the amplification of Epstein-related theories by prominent figures and MAGA supporters, questioning whether continued focus on Epstein undermines national governance.

• Stephanie Gosk’s Investigation:
  Stephanie recounts her firsthand experience visiting Epstein’s secluded private island, stating, “one of the things that struck me right away... is how difficult it is to get to that island” (10:11). She emphasizes the complexities faced by investigators in uncovering any hidden activities.

• Government Response and Conspiracies:
  Stephanie outlines the timeline of Epstein’s arrest in 2019, his subsequent suicide, and the absence of a trial to present the government’s evidence. She notes, “without that trial, it allowed conspiracies to grow unfettered” (11:08), highlighting skepticism among Trump supporters regarding the integrity of the investigation.

• Attorney General Pam Bondi’s Statements:
  Addressing claims made by Pam Bondi about possessing a “client list,” Stephanie clarifies, “I believe she has… really just gotten into the job” (13:35). She suggests that Bondi likely referred to Epstein’s entire investigative file rather than a specific list of high-profile clients.

• Potential for New Revelations:
  While affirming that the Department of Justice has thoroughly investigated Epstein’s case, Stephanie acknowledges the possibility of undisclosed information emerging: “if there were things going on you could get away with, it was the sense that you got” (10:27).

3. Additional Headlines

A. Texas Flash Floods and Emergency Response Scrutiny

• Disaster Impact:
  Yasmin reports on the tragic flash floods in Texas, which have resulted in over 170 missing persons and at least 119 fatalities, including children.

• Response Criticism:
  Morgan Chesky questions the adequacy of emergency systems, asking, “what's the biggest reason that these systems have not gone into place at this point?” (15:44). Yasmin responds by emphasizing a forward-looking approach amidst the ongoing crisis.

B. Nvidia Achieves Historic Valuation

• Market Milestone:
  Nvidia has reached an unprecedented $4 trillion market capitalization, becoming the first company in history to achieve this feat. Driven by soaring demand for AI chips, Nvidia's stock has tripled in just over a year, surpassing giants like Apple and Microsoft.

• Economic Significance:
  Yasmin underscores Nvidia's role as a cornerstone of the AI revolution, with Wall Street viewing it as the engine powering future technological advancements.

C. Fyre Festival Brand Auctioned

• Iconic Sale:
  Billy McFarland is auctioning the rights to the infamous Fyre Festival brand on eBay, starting at one penny and currently bid over $200,000. The proceeds aim to settle $26 million in restitution owed from the festival debacle.

• Cultural Footprint:
  Yasmin humorously comments on the opportunity to own a piece of “flaming pop culture history,” though she opts out due to the challenging economic landscape.

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Conclusion

In this episode of "Here's the Scoop," Yasmin Vossoughian and her team delve into the complexities of President Trump's tariff policies and their broader economic implications. They explore the resurgence of Jeffrey Epstein conspiracy theories, shedding light on the intersection of politics and public skepticism. The episode also touches on significant current events, including natural disasters, landmark corporate valuations, and the enduring legacy of notorious events like the Fyre Festival. Through insightful discussions and expert interviews, the hosts provide listeners with a comprehensive understanding of the issues shaping today's world.

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For more updates and detailed analyses, tune into "Here's the Scoop" from NBC News, delivered daily with clarity and depth.

Transcript

[Danny Gold]

Do you want to know what it's like to hang out with Ms. 13 in El Salvador? How the Russian mafia fought battles all over Brooklyn in the 1990s?

[Sean Williams]

What about that time I got lost in the Burmese jungle hunting the world's biggest meth lab? I'm Sean Williams.

[Danny Gold]

And I'm Danny Gold. And we're the hosts of the Underworld podcast. We're journalists that have traveled all over reporting on dangerous people and places. And every week we'll be bringing you a new story about organized crime from.

[Sean Williams]

All over the world, available wherever you get your podcasts.

[Yasmin Vesugian]

Hey, everybody. Welcome to here's the scoop from NBC News. I'm Yasmin Vesugian. It is a sticky summer Wednesday here at 30 Rock, and we've got a lot to talk about. Questions are mounting over the emergency response in Texas. A company is now worth $4 trillion and an auction for pop culture history. But our top story today is about President Trump's tariffs. President Trump hit snooze on his original Liberation Day tariffs, giving everybody 90 days to hammer out some deals. Those 90 days are now up, but the president is about 88 deals short, so he's extending the deadline again. Countries still holding out. Got a surprise in the mail. Letters from Trump spelling out new US Tariff rates. Cambodia and Thailand are bracing for a hefty 36% hit. So if these tariffs go into effect as is, they could have a huge impact on the global economy, including everyday Americans, people for whom the American dream, white picket fence, two cars and a driveway is already feeling out of reach. So with that, we gotta pull in my friend and co host, NBC business correspondent Brian Chung, who, by the way, has not been fired by NBC because he hasn't been around for the last few weeks.

[Sean Williams]

I'm still here. What's up, Yasmin?

[Yasmin Vesugian]

He's been on vacation in Asia.

[Sean Williams]

Yeah. And it was amazing. Although I am still extremely jet lagged, so. So I'm going to try to try to stay awake for this one.

[Yasmin Vesugian]

Thank you for that. I appreciate it. So let's talk 90 day deadline, which we're at now. And now these letters are out. Where are we on this?

[Sean Williams]

Yeah, well, so first off, the July 9 deadline for the tariffs being put back into place after this pause is functionally dead. And that's because the president signed an executive order that said, actually now the new deadline is going to be August 1st. So we're now looking at that August 1st deadline. Now, for those that are negotiating, that buys them an extra few weeks to try to figure Something out, but they.

[Yasmin Vesugian]

Couldn'T do it in 90 days. He used to say they can do it by August 1st.

[Sean Williams]

And that is indeed a question here. And that's why I think you maybe see some of the semantic changes coming from President Trump in terms of sending out these letters. And he described it yesterday in a conversation with pool reporters as a deal. Every time a letter goes out, it's a deal. But it's not really a deal, Yasmin, because when you look at the text of what the letters say, in addition to just the fact that the language is very Trumpian in nature, he signs it with best wishes. I am Donald Trump. I don't know how many other people sign letters like that, but I do all the time. You do. You never write me anymore, Yasmin. You never write me. But the third to last sentence in these letters, which is being copied and pasted, says these tariffs may be modified upward or downward, depending on our relationship with your country. If these letters were deals, you wouldn't phrase a letter like that, you know, because you're basically leaving the wiggle room for trying to figure something out to avoid those tariff rates come August 1st.

[Yasmin Vesugian]

You know, back in April, when these tariffs were initially announced, obviously markets were all over the place. Now they're not.

[Sean Williams]

Anyone with a 401k has been thinking about this, and you have to rewind to Liberation Day, so called Liberation Day, in the first week of April, where the President in the Rose Garden had this big splashy announcement. He had that poster board, as you'll recall, with all those published rates of what the so called reciprocal tariffs are going to be on every country around the world. And then what happened? The stock market tanked. Since then, though, Wall street has basically kind of shrugged all of this off. So we've erased all of those losses. And I think it's because they're not taking the President literally anymore. And I think one example of this is ubs. This is a major Wall street bank. They published this note shortly after the letters went out to 14 countries. This is their words. It seems a wasted effort to analyze every Trump social media post when investors understandably anticipate future retreats.

[Yasmin Vesugian]

Wow. So there's something to this acronym of taco Trump always chickens out, which is kind of floating around in the ether right now.

[Sean Williams]

Yeah, it's kind of taken on a whole new shape after the Financial Times. I believe it was coined it in op ed. The taco trade is basically the idea within specifically Wall street circles as well, that they don't take Those threats seriously, because the President will either back down from those threats and put in a delay, or he will do some sort of weird framework agreement where there's no text for us to assess what the nature of that deal actually was. And then we just kind of put it aside and say, mission accomplished with Vietnam and with the United Kingdom, we're good. The problem here is that if the tariffs do come to pass and they are substantial and they are prolonged, you could potentially see the stock market go back down again to maybe even the type of volatility we saw in the spring.

[Yasmin Vesugian]

So I'm happy you brought that up. Right. Whether or not these tariffs act actually do come to pass, because we are seeing prices increase, especially when it comes to steel and aluminum, because that, in fact, is now in place when it comes to tariffs. How is this going to affect folks bottom line? Like, when I'm going out to the store, what is going to be possibly more expensive when it comes to these tariffs?

[Sean Williams]

So we decided at the business team, how do we test to see when the tariffs actually take effect? So we decided to set up this tool. My amazing team has been tracking hundreds of specific items across different retailers, ranging from Best Buy to Amazon to Target, from bicycles to fridges to clothing items to apples to figure out. All right, here's the price this week. Here's the price next week. Did it go up or down? We haven't seen any specifically notable categories that have really spiked outside of the following. Some appliances, small appliances, like fridges for your kitchen, for example.

[Yasmin Vesugian]

Okay, so that's the reason going up, what, 10, 20%? How much?

[Sean Williams]

Hundreds of dollars. Hundreds of dollars. So that's a big deal. We've also seen it in electronics and smartphones. Smartphone prices have been going up by hundreds of dollars. We've seen it in things like water bottles. So for those that love Stanley mugs or those Walla bottles, which I guess are really popular right now, we've seen those prices go up. Yasmin, you like coffee?

[Yasmin Vesugian]

Uh, I don't drink it.

[Sean Williams]

Okay, well, for those that do, you might want.

[Yasmin Vesugian]

I drink decaf.

[Sean Williams]

I'm. I'm telling the wrong person this, but if you are in the market for a Keurig coffee machine, let's say you want to gift it to a loved one. It was $200 in the last few weeks, but going into this week, it was $220. We saw that price increase. Now, it might be because of tariffs, it might be for other reasons. Either way, the price went up with some of these Amazon deal days that we've been seeing, they kicked off this big shopping holiday this week that went down to $150.

[Yasmin Vesugian]

So if you're a family of four and you're looking at these deals online, for instance, should you be buying up what you're seeing because you're worried about price increases coming after the Aug. 1 deadline, especially if you're living paycheck to paycheck?

[Sean Williams]

Well, what we've been seeing from the likes of Best Buy, Target, Amazon, who have really leaned into these July holidays, all of a sudden they are saying that these are going to be the best deals you're going to get all year, that they might even be better than Black Friday. So from that perspective, if you're really worried about these tariffs, then yeah, I mean, it's not a bad time to peruse the deals and see if there was something that was already on your list and score. Now, the other side of this is don't over buy or don't panic buy. That's something that a lot of people have been telling me in terms of strategies for this week as well. And the reason why is because you don't want to buy anything that you don't need and spend money that you could otherwise be saving in an economic moment where there is this uncertainty.

[Yasmin Vesugian]

Brian Chung, my co host, back from vacation.

[Sean Williams]

Great to be here.

[Yasmin Vesugian]

Thank you. Coming up, what the Epstein files did and didn't tell us according to the Department of Justice.

[Dan Snow]

So, folks, you might have noticed the weather's changing out there. The sun appears to be out. The days are longer. This is in the northern hemisphere, of course, and it's got me excited for road trips, days out exploring, and long walks to castles on windswept crags. And if you're looking forward to all that, too, I've got the perfect companion podcast to join you on your adventures this summer. I'm Dan Snow, host of the Dan Snow's History Hit Podcast, where I whisk you away into the greatest stories in history. Join me on the high seas as we follow the swashbuckling escapades of Francis Drake on the Spanish Main. We unravel the myths of the Spartans at the Battle of Thermopylae. I'll tell you everything you need to know about how the American Revolution started and what it would have taken for you to survive the Black Death in medieval Europe. Brackets, luck. This is the podcast you need if you seek to escape into history. And we can all use a little escape at the moment. Check out Dan Snow's history wherever you get your podcasts.

[Hoda Kotb]

Hey everybody, it's Hoda Kotb and I would love for you to join me for new episodes of my podcast Making Space. Each week I'm having conversations with authors, actors, speakers and dear friends of mine, folks who are seeking the truth, compassion and self discovery. I promise you will leave these talks stronger and inspired to make space in your own life for growth and change. To start listening, just search Making Space wherever you get your podcasts and follow for new episodes every Wednesday.

[Yasmin Vesugian]

And we're back with here's the scoop. Conspiracy theories are once again swirling around convicted sex offender and financier Jeffrey Epstein. And they're being driven by some of maga's most loyal and loudest voices, commentators like Tucker Carlson leading the charge against the Trump administration and Attorney General Pam Bondi in what they're calling a cover up of Jeffrey Epstein's so called client list and death. When asked about Epstein during a cabinet meeting yesterday, Trump responded, are people still.

[Sean Williams]

Talking about this guy, this creep?

[Yasmin Vesugian]

NBC News correspondent Stephanie Gosk is here with me today. Steph, you've been covering the Epstein case for years. You were actually posted along the coast of Epstein's private island as authorities moved in.

[Stephanie Gosk]

Well, I'll tell you, I did go down. They had arrested him, the federal government had arrested him. And I went down to check out his island in the Caribbean and NBC News said, do you think you can go down to the Caribbean and take a look at his private island? And I said, oh, let me see.

[Yasmin Vesugian]

Why not? Sure.

[Stephanie Gosk]

From the very beginning I've been covering this story and I'll tell you, one of the things that struck me right away, all kidding aside, is how difficult it is to get to that island and is not an easy place to get to. And if there were things going on you could get away with, it was the sense that you got.

[Yasmin Vesugian]

So it's interesting because over the last couple of days there's been a lot of developments. And before President Trump was President Trump, even during his campaign, he was calling for the release of the Epstein files and the truth behind what happened to Jeffrey Epstein in prison and the infamous list of people that were connected to Jeffrey Epstein. And yet yesterday there was this press conference in which it seemed to kind of show an about face from the president, essentially saying, let's move on from this.

[Stephanie Gosk]

You could hear it in his voice, couldn't you? He's like, I'm done with this. Why are we still talking about him?

[Yasmin Vesugian]

Which was shocking to a lot of folks, especially that support and follow President Trump, bring this up to speed as to what has happened with Epstein so far.

[Stephanie Gosk]

Yeah, let's provide a little context for people on this. So when he took his own life, it was 2019, he was facing sex trafficking charges, and he's in a federal prison in. In New York City getting ready for trial. And then the trial never happens. So what does that mean? The evidence that the government has against him actually never really gets presented. Now, Ghislaine Maxwell, his associate, also went to trial, and a good portion of the evidence was a part of that trial. But without that trial, it allowed conspiracies to grow unfettered. Right. And so everyone thought, oh, there is some grand conspiracy to hide his other associates who he was trafficking underage girls.

[Yasmin Vesugian]

And the President was part of these conspiracies that were swirling.

[Stephanie Gosk]

Yes, he was, the President was, and a number of other politicians as well. But we knew that Donald Trump, as a businessman was an associate of Epstein's. He had denied all along that he had ever known anything about the sex trafficking that he was accused of. But, yeah, they were seen together. We had photos of them together. And the thought was that when you had Biden in the presidency and the rest, that there was some effort behind the scenes to protect these people and this list that was there. And so those conspiracies just grew wild, and they grew really wild among the MAGA loyal, the far right base that supported Trump. These are people who don't trust the government. So then the government becomes Donald Trump's government again. And they say, hey, look, we took a look at all this and actually it turns out there was nothing there. He did actually kill himself, and there is no list. And all these people say, oh, now you're the ones lying to us.

[Yasmin Vesugian]

We now know that Jeffrey Epstein committed suicide in his jail cell. Right. As you mentioned. And if there was anybody to be implicated, it has been done. We went to the trial of Ghislaine Maxwell already. Are there any kind of outliers that are gonna come out from the fray of all of this?

[Stephanie Gosk]

Is it a possibility? Yeah, I suppose it is a possibility. We don't have eyes on all that's behind closed doors at the FBI, but you could take it on faith that if they had the goods on other people during that whole Epstein period when he was arrested and the investigation was going on, you have to imagine they would have gone after those people as well. It has been investigated thoroughly.

[Yasmin Vesugian]

Pam Bondi said she had a client list on her desk back in February.

[Stephanie Gosk]

So I've watched that clip a few times. And I've listened to her explanation of what that was. And what she said yesterday was that what she meant was she had the whole file, meaning she had Jeffrey Epstein's investigative file on her desk as something to look at. She was asked specifically about a client list. That is true, but I don't believe she had seen one. I believe what she is saying. I find her credible that she was actually. She had actually really just gotten into the job. I mean, how could she possibly have looked at the Jeffrey Epstein file, which is, by the way, not a three ring binder that shows up on your desk. This is probably boxes and boxes and boxes and boxes of stuff.

[Yasmin Vesugian]

Right.

[Stephanie Gosk]

And they finally got to a point. And I would imagine, because the President didn't want to talk about this anymore, a lot of MAGA loyalists were talking about this, that President Trump really wanted it to move on, he wanted it to go away.

[Yasmin Vesugian]

Do you think it would kind of quell some of the conspiracy theorists if the President were come out and say, listen, I thought it was this, but now I know having seen everything, there is no there there. And Jeffrey Epstein committed suicide. And all that has been done has been done. And let's move on.

[Stephanie Gosk]

That's a really good question. You did notice in the Cabinet meeting that the President did not say those things. He did not say those things. He let Attorney General Pam Bondi say those things, which allowed his loyalists to very specifically go after her. The MAGA loyalists are kind of very carefully balancing on that line of not directly saying Trump is lying about this.

[Yasmin Vesugian]

Steph Gosk, who's loitered outside of Jeffrey Epstein's private island on NBC's dime.

[Stephanie Gosk]

We took the boat tour. I recommend it to anyone looking for a little sunshine.

[Yasmin Vesugian]

Thank you.

[Stephanie Gosk]

You're welcome.

[Yasmin Vesugian]

All right, let's get to some headlines. In Texas, the search continues for more than 170 people still missing six days after catastrophic flash floods claimed the lives of at least 119 people, including dozens of children. As many families wait for answers, scrutiny is mounting over the emergency response. Our co host, Morgan Chesky was among those pressing officials for answers in a news conference this morning.

[Sean Williams]

Mr. Mayor, records show that the concept of flood warnings have been discussed at least two dozen times by the county. What's the biggest reason that these systems have not gone into place at this point?

[Yasmin Vesugian]

You know, Morgan, you and I grew up here and I wasn't an office during those discussions. And frankly, I'm more focused on the future than the past. Meanwhile, in New Mexico, at least Three people were killed in historic flash flooding in the mountain community of Redoso. Nvidia just hit an eye popping $4 trillion valuation. The first company in history to do it. Fueled by red hot demand for its AI chips, the stock has tripled in just over a year. It's now leapfrogged Apple and Microsoft to become the world's most valuable company. Wall street sees it as the engine powering the entire AI revolution. And finally, in news from the charred remains of influencer history, Billy McFarlane is now selling the Fyre Festival brand on ebay. Yet the guy behind Cheese Sandwich island infamy is auctioning off the rights to the name that launched 1,000 lawsuits. The starting bid, just one penny. The current bid, over $200,000. The lucky winner gets the trademarks, the logos, the domain names, and the eternal right to say, yeah, I bought the Titanic of music festivals. McFarlane says the money will go towards paying off the $26 million he still owes in restitution. Godspeed, buddy. So if you've got the cash, the vision, and no memory of 2017, congratulations. You too can own a piece of flaming pop culture history. And in a full circle moment. And in this uncertain economy, I'm gonna pass. Well, that's going to do it for us at here's the scoop from NBC News. We'll be back tomorrow with whatever the day may bring. I'm Yasmin Vesuvian.

[Dahlia Lithwick]

At this very moment, we are living through a series of cascading constitutional crises, rocketing up to the Supreme Court and shaking the foundations of American democracy.

[Yasmin Vesugian]

This is not a game of chicken.

[Stephanie Gosk]

Where we back down from the Constitution.

[Yasmin Vesugian]

Like, that's not how this works.

[Dahlia Lithwick]

I'm Dahlia Lithwick, host of Amicus, Slate's podcast about the courts, the law, and the Supreme Court. I've been writing about SCOTUS and the law for more than 20 years. And each week on Amicus, we draw on that deep experience to navigate these incredibly uncertain times. Search Amicus That's a M I C U S to listen.