Episode Overview

Title: If Tariffs Are So Great, Why Are There So Many Exemptions?
Host: Jane Coaston
Date: December 15, 2025
Podcast: What A Day by Crooked Media

This episode examines former President Donald Trump’s sweeping tariff policy—particularly the contradiction between his rhetoric proclaiming tariffs as the backbone of a robust U.S. economy and the reality that more than half of U.S. imports are currently exempted from these very tariffs. Jane Coaston interviews Paroma Soni, a data and graphics reporter at Politico, to unpack the motivations, exceptions, consequences, and legal uncertainties around the so-called “reciprocal” or “Liberation Day” tariffs. The episode closes with a somber conversation on the tragic mass shooting at Brown University.

Key Discussion Points & Insights

1. Trump’s Tariff Obsession and Messaging

• Opening Context (00:02 – 01:12):

  • Jane Coaston humorously recounts Trump’s public infatuation with tariffs, citing a rally in Pennsylvania and his frustration that voters don’t seem to appreciate his economic record.
  • Trump quote to WSJ: "I've created the greatest economy in history, but it may take people a while to figure all these things out. All this money that's pouring into our country is building things right now, car, plants, AI, lots of stuff. I cannot tell you how that's going to equate to the voter. All I can do is do my job." (01:13)

• Contradiction Highlighted:

  • Jane pivots to the core question: If tariffs are so great, why are so many exemptions needed? A new Politico analysis finds over half of US imports dodge the emergency tariffs Trump touts as an economic panacea (01:13–01:40).

2. Mechanics of “Liberation Day” Tariffs

• Interview with Paroma Soni (02:26 – 10:42):

  • The tariffs, initiated in April, applied almost worldwide (including “some small uninhabited islands” except for four or five nations). Most imports received a 10% baseline, with 60 countries facing higher rates (02:28–02:49).
  • Trump framed the widening U.S. trade deficit as a “national emergency,” using the 1970s International Emergency Economic Powers Act (IEEPA) for broad action.

  "He declared this widening trade deficit as a national emergency. And he used this law from the 1970s called the International Emergency Economic Powers act, to impose these blanket tariffs on most of the world."
  —Paroma Soni [03:08]

  • Jane and Paroma clarify that a trade deficit isn’t inherently bad, using the relatable metaphor: "I have a trade deficit with my grocery store. I have never sold them anything." (Jane, 03:37)

3. Exemptions and Policy Shifts

• Why So Many Carve-Outs? (04:44 – 07:56):

  • Initial tariffs provided scant guidance on exceptions, causing global market anxiety and a temporary pause for negotiations.
  • Over time, substantial exemptions emerged:
    • September: ~$280B in industrial and critical materials exempted.
    • November: Another $250B in agricultural goods (bananas, coffee, beef) carved out.
  • Rationale: Many exempted goods (like coffee) aren’t produced in the U.S., making sweeping tariffs counterproductive.

  "The cost of tariffs was not being borne by foreign exporters...as grocery prices and food prices keep going up, they started adding these carve outs for things that either don't grow here or that are hard to manufacture without a certain import from another country."
  —Paroma Soni [06:17]

• Current Scope:

  • About $1.7 trillion in imports are exempt; $1.6 trillion remain subject to tariffs. Some “emergency tariffs” are on Canada and Mexico over fentanyl, and specific deals/penalties affect China, India, Brazil.

4. Effectiveness and Political Messaging

• Is the Policy Succeeding? (07:56 – 09:45):

  • Jane asks if the shrinking scope undercuts Trump’s claims. Paroma observes the move from principle to practical carve-outs weakens both revenue and the “widespread” impact narrative.
  • Supreme Court case: The president’s authority to use the 1977 law for such tariffs is under review. If overturned, the tariffs could disappear, potentially requiring costly refunds to U.S. businesses.

  "It does, in some sense, undercut these promises to raise revenue. It also undercuts his messaging that these are widespread, that they're gonna affect every single country, every single product. That's not true...it's sort of a retreat in principle..."
  —Paroma Soni [08:13]

5. Volatility and Uncertain Future

• Prospects for 2026 and Beyond (09:45 – 10:42):

  • Exemptions and agreements are fluid; the rules have changed "two or three times in the same week."
  • Paroma: "It largely seems like it's a negotiation tool more than it is an economic policy."
  • No clear end date for the tariffs or exemptions.

  "Given the sheer amount of volatility in this last year? I don't know, and I don't know that anyone could really knows..."
  —Paroma Soni [09:58]

Notable Quotes & Memorable Moments

• Jane Coaston’s Tariff Illustration:
  “I have a trade deficit with my grocery store. I have never sold them anything.” (03:37)
• On Policy Undercut:
  "It does, in some sense, undercut these promises to raise revenue. It also undercuts his messaging that these are widespread..." —Paroma Soni (08:13)
• Paroma on Political Motivation:
  "It largely seems like it’s a negotiation tool more than it is an economic policy." (09:58)

Timestamps for Key Segments

• Opening Tariff Riffs / Trump’s Rhetoric: 00:02–01:40
• Trump’s “Liberation Day” Tariffs Explained: 02:26–04:41
• Trade Deficit & Exemptions in Practice: 03:37–07:56
• Supreme Court and Future Uncertainty: 08:52–10:42

News and Human Impact Segments

6. Breaking News Update

Mass Shootings in Sydney and Rhode Island

• Sydney: Deadliest mass shooting in Australia in decades (13:25–14:28).
• Brown University: On-campus mass shooting; interview with Talib Reddick, undergraduate council president.

7. Brown University Mass Shooting: Student Voices

Interview with Talib Reddick (19:29–24:13):

• Reddick’s personal account: Found out about the shooting from his mother while napping post-exam.
• Campus mood: "Like you just got the wind knocked out of you." (20:28)
• Logistics: Finals canceled; students leaving early.
• On what would help: Surveillance improvements, quicker information, campus safety; acknowledges it’s hard to feel safe after such trauma.
• Broader message: “This can happen to anyone. And it’s really sad that that’s the case here in America. This should not be the case.” (23:02)

Summary Table

| Segment | Timestamps | Key Highlights | |------------------------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------| | Trump’s Tariff Messaging & Policy Contradictions | 00:02–01:40 | Audience confusion over “greatest economy,” Politico analysis of exemptions | | Mechanics and Reach of 2025 Tariffs | 02:26–04:41 | Sweeping application; exemptions only after chaos and negotiation | | Impact, Exemptions, and Shifting Policy | 04:44–07:56 | Trillions in exemptions for critical minerals and food—real-world limitations to policy rhetoric | | Effectiveness, Political, Supreme Court Challenge | 07:56–09:45 | Shrinking scope harms credibility; fate hinges on legal outcome | | Policy Volatility & Uncertain Future | 09:45–10:42 | Fast, unpredictable changes; tariffs as bargaining chips more than stable economic policy | | Mass Shooting - Brown University, Student Response | 19:29–24:13 | Raw student reaction, struggles with safety, and plea for greater national awareness |

Conclusion

The episode deftly balances policy analysis with on-the-ground perspectives. Trump’s tariffs, intuitively pitched as universal and economically bold, have been steadily whittled down by practical exemptions—undercutting both their economic and political potency. The regulatory uncertainty looms large, as the Supreme Court scrutinizes the very law Trump uses as his basis. The segment with Talib Reddick is a sobering reminder of policy’s real-world stakes and the broader context of American challenges beyond economics.

Full discussion available in the December 15, 2025, episode of "What A Day."