Podcast Summary: We Can Do Hard Things Episode: What in the World is Happening with Your 401(k) & Tariffs?? | Jessica Yellin with What We Need to Know
Release Date: April 10, 2025
Hosts: Glennon Doyle, Abby Wambach, Amanda Doyle
Guest: Jessica Yellen, Founder of NewsNotNoise

Introduction

In this episode of We Can Do Hard Things, hosts Glennon Doyle, Abby Wambach, and Amanda Doyle delve into the tumultuous economic landscape shaped by recent tariff implementations under the Trump administration. Joined by Jessica Yellen, a renowned political correspondent and founder of NewsNotNoise, the conversation unpacks the immediate and long-term impacts of these tariffs on the economy, stock markets, 401(k) plans, and international relations.

The Tariff Turmoil and Market Reaction

The discussion opens with a pressing concern: the recent imposition of high tariffs has caused a significant drop in the stock market. Abby Wambach sets the stage by highlighting the dramatic decline:

“This whole thing has resulted in about a 10% drop in the stock market and which is actually a 20% drop since the height of the market... which is about one fifth of the stock market value.”
(03:19)

Jessica Yellen elaborates on the unpredictability and the psychological impact of these tariffs:

“Trump has been promising to do tariffs all along... and no one expected them to be as high as they are... It is irrational, self-destructive.”
(09:54)

Economic Implications of High Tariffs

The heart of the episode revolves around how these tariffs are not just policy changes but catalysts for broader economic instability. Yellen explains that tariffs increase production costs for companies, which often leads to higher consumer prices:

“They’re going to make everything cost more for people outside the U.S., so those people are going to make everything cost more for us.”
(32:55)

This economic strain translates directly into individual hardships, such as diminished 401(k) values. Wambach connects the dots between policy decisions and personal financial struggles:

“Why has my 401k gone down 10% just because Trump said this crazy stuff about tariffs...it's about uncertainty.”
(29:44)

Impact on Consumer Prices and Business Operations

The hosts discuss specific sectors affected by the tariffs, notably the automotive industry. Yellen points out the impracticality of relocating manufacturing back to the U.S. due to the lack of long-term tariff certainty:

“Manufacturing companies are not going to bring their factories back... knowing that Trump will be gone in four years.”
(21:11)

This uncertainty discourages investment, leading businesses to halt expansions or new projects, further slowing economic growth.

International Relations and Trade Wars

The episode delves into the geopolitical consequences of the tariffs. Yellen explains how the tariffs strain relationships with key allies and disrupt global trade dynamics:

“We have slapped tariffs on places like Europe, our closest trading partners... It’s an economic attack, not a military one.”
(34:50)

She also highlights the erosion of the U.S. dollar's dominance as countries seek to trade in other currencies, undermining America's economic influence:

“They're looking to do deals in other currencies... the dollar is weakening.”
(37:27)

Supreme Court Rulings and Immigration

Shifting focus, the conversation touches on recent Supreme Court decisions affecting immigration policies. Yellen provides a nuanced overview of rulings that both favor and challenge the Trump administration's stance:

“All nine Supreme Court justices agreed that due process must be followed... every person must be given notice and a hearing.”
(60:54)

Wambach emphasizes the mixed nature of these rulings, acknowledging both setbacks and minor victories for due process advocates:

“It's a cause for optimism that the Supreme Court will uphold some of the most basic tenets of our Constitution.”
(60:54)

Possible Solutions and Congressional Actions

The hosts and Yellen explore potential avenues for mitigating the economic fallout. One key focus is the role of Congress in countering the administration's policies. Yellen discusses ongoing efforts by some Republicans to rein in tariff powers:

“Some of Trump's most stalwart supporters are breaking with him... They are backing legislation to stop Trump's power to enact tariffs.”
(41:55)

However, the road to legislative change is fraught with challenges, requiring a substantial bipartisan effort to override presidential vetoes.

Personal and Community Resilience

Throughout the episode, the hosts interweave personal narratives and community actions that exemplify resilience in the face of economic hardship. Amanda Doyle shares an inspiring story of community solidarity resisting forced deportations:

“A community rallied so much... 1300 members stood in solidarity, leading to the release and return of the family.”
(66:54)

This segment underscores the podcast's overarching theme of navigating and overcoming life's hard things through collective support and courage.

Conclusion and Takeaways

As the episode wraps up, the hosts emphasize the importance of staying informed and proactive in challenging times. Yellen reassures listeners that while immediate economic conditions are turbulent, history shows eventual recovery:

“America's still a great economy long term... big picture expectations are, we're going to be all right.”
(52:57)

Wambach urges listeners to engage with their communities and take action where possible:

“There are countless communities right now that need us not to be quiet.”
(58:19)

The episode concludes with a message of hope and solidarity, reinforcing the podcast's mission to help listeners live "a little bit lighter and braver."

Notable Quotes

• Jessica Yellen (09:54): “It is irrational, self-destructive. Economists have called this the greatest self-inflicted wound on the economy by any president in American history.”

• Abby Wambach (29:44): “Why has my 401k gone down 10% just because Trump said this crazy stuff about tariffs. That is about what Jessica's talking about with uncertainty.”

• Jessica Yellen (34:50): “We have slapped tariffs on places like Europe, our closest trading partners... It’s an economic attack, not a military one.”

• Abby Wambach (58:19): “We really can show up and be loud and stand in solidarity with people who are victimized by this administration.”

Final Thoughts

This episode of We Can Do Hard Things offers a comprehensive analysis of the economic disruptions caused by recent tariff policies, their ripple effects on individual finances, and the broader implications for international relations. Through expert insights and heartfelt discussion, the hosts and Jessica Yellen provide listeners with a clear understanding of the current economic challenges and encourage proactive engagement to navigate these uncertain times.