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What A Day
Trump: Now You Tariff… Now You Don’t
00:24:53
When most of us woke up Wednesday morning, President Donald Trump was still very excited about the tariffs he imposed on dozens of countries that had gone into effect just after midnight eastern time. At the National Republican Congressional Committee dinner the night before, he even claimed the scheme would be ‘legendary in a positive way’ and bragged, ‘These countries are calling us up. Kissing my ass.’ But by Wednesday afternoon, Trump had blinked, announcing a 90-day pause on nearly all of the ‘reciprocal’ tariffs he unveiled last week (China was the exception; he boosted tariffs to 125 percent after Beijing retaliated with it’s own reciprocal tariffs). Alex Jacquez, chief of policy and advocacy at the progressive think tank Groundwork Collaborative and a member of former President Biden’s White House National Economic Council, explains why all this volatility leaves America worse off economically. And in headlines: Michigan Gov. Gretchen Whitmer made an uncomfortable guest ap...
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- [00:03]
Jane Costen
It's Thursday, April 10th. I'm Jane Costen, and this is what a day. The show that is contemplating learning a new skill that might prove useful over the next few weeks, like, say, bond trading. On today's show, the current head of Immigration and Customs Enforcement likens deportations to Amazon deliveries. And Michigan Governor Gretchen Whitmer makes a guest appearance in the Oval Office for an executive order signing she definitely didn't want to be there for. But let's start with what else. Tariffs. When you went to bed on Tuesday night, President Donald Trump was still very excited about tariffs. Pumped, in fact, at the National Republican Congressional Committee President's dinner Tuesday night, he even claimed that his tariff scheme was going to be a boon to the GOP in the midterms.
- [00:51]
Donald Trump
And I really think we're helped a lot by the tariff situation that's going on, which is a good situation, not a bad. It's great. It's going to be legendary. You watch legendary in a positive way, I have to say. It's going to be legendary.
- [01:04]
Jane Costen
But on Wednesday, very high tariffs on dozens of countries, including one that's only occupied by a US Military base and another that's an island almost entirely inhabited by penguins. Stop being such a good idea, I guess, because the White House backed down. And that's not just me saying that. Here's FOX News contributor Charlie Gasparino.
- [01:24]
Charlie Gasparino
I mean, let's be clear what happened, you know, who capitulated here and why? And you know, I don't want to say this because I'm a patriot, I'm an American, but it is the White House who capitulated based on everything I hear and all my sources in a.
- [01:42]
Jane Costen
Truth social post because, of course, Trump said that he would pause most tariffs for roughly 75 countries for 90 days, except for China. Trump raised tariffs on Chinese exports to 125% after the Chinese government announced new tariffs on American goods. So now we still have universal 10% tariffs and a bunch of big tariffs on Mexican and Canadian goods and a lot of uncertainty about what the hell is going on. But slightly less uncertainty than we did on Tuesday, sort of. And contrary to what White House Press Secretary Caroline Levitt and Treasury Secretary Scott Besant said Wednesday that this was part of the art of the deal or the quote, strategy all along. Trump himself said the pause was because people were getting jumpy. And when he mentions the champions in this clip, it's because he was having a race car photo shoot outside of the White House Priorities.
- [02:34]
Donald Trump
Well, I thought that people were jumping a little Bit out of line. They were getting yippee. You know, they were getting a little bit yippee, a little bit afraid, unlike these champions, because we have a big job to do. No other president would have done what I did. No other president. I know the president. They wouldn't have done it.
- [02:52]
Jane Costen
No, they wouldn't have. Once again, to Trump, the tariffs were both awesome and great, but also he needed to call them off because people were getting yippee, whatever that means. I don't get it, but I do get folding like a cheap suit. Here's Charlie Gasparino again, explaining to a Fox News anchor that actually Trump caved. Maybe you could say that he goaded China into the. Into a bad position for themselves. Don't retaliate. Things will work out well, he said.
- [03:20]
Charlie Gasparino
I mean, I want to tell you right now that Donald Trump outsmarted the world. Trust me, I'm an American. I support my president. But that's not really what happened here. From what I understand, and I know I'll get pushback.
- [03:33]
Jane Costen
Now, I'll be honest with you, I have absolutely no idea what is going on. Like, at a basic level, why were there six different explanations for the tariff scheme in the first place? Are we bringing back manufacturing, or are we out of the dealing our way to no tariffs at all? And what was the tariffs are working supposed to look like? So I needed to ask someone who might know. I called up Alex Jaquez, chief of policy and advocacy at Groundwork Collaborative, a progressive think tank, and also a member of the White House National Economic Council during the Biden administration, where he advised the president on economic development and industrial strategy. We spoke a few hours after Trump announced his decision to pause most of the tariffs. Alex, welcome to what a day and.
- [04:18]
Alex Jaquez
What a day it is.
- [04:20]
Jane Costen
So I said I wasn't going to ask you what the fuck is happening. But I do think we can start with can you quantify just how bonkers the president's actions have been over the last few days after unveiling these wild tariffs, tariffs he loved and said were permanent and would be around forever because we were going to bring back manufacturing and make men men again or something? He abruptly paused most of the tariffs. Is this what being good at the economy looks like?
- [04:47]
Alex Jaquez
You know, President Trump has said that trade wars are good and easy to win. And what I think he has shown over the last week or so is that they are actually very difficult and confusing and have enormous effects on both the market and the everyday economy. To your point on quantification, I Think it's instructive to look at the stock market and what it has done over the last month. And you're looking at comparisons in terms of both the drops and now the gains and the volatility that we haven't seen since some pretty headline days, 9, 11, the dot com bubble, the COVID recession. These are the kinds of events that the last week or so in the market have been compared to. And so that's, I think, why you saw. After telling us to stay strong and be cool and not join a new party called the Panicans, Trump put pause on some of the largest, quote, reciprocal tariffs on many of our other trading partners, while keeping in place, again, a very large 10% tariff on everybody in the world, basically, as well as exorbitant tariffs on China of 125%.
- [05:58]
Jane Costen
Yeah, let's talk about those Chinese tariffs, because he expanded those tariffs because they dared slap retaliatory tariffs on US Goods, which is a thing. I feel like everyone knew it was going to happen except for Trump for some reason. Practically. What could a trade war with China mean for the US It's a great question.
- [06:15]
Alex Jaquez
And we continue to see escalation, I would say immediately this is going to cause pain across the economy, especially for small businesses, for small manufacturers, and of course, for consumers that, you know, get things imported from China. They make more than 70% of smartphones, 70% of electronics. If you're buying a new laptop, those are going to double in price right now. Now, of course, this is a negotiation, you know, through escalation. Right now, China is going to take measures to retaliate, including slapping tariffs on our producers.
- [06:47]
Jane Costen
Alex, can I jump in just for a second, because you just used a word that again, you know, we've been talking about this in the office. Is it a negotiation or are these forever tariffs? Because it seems like we keep hearing from. If you listen to Scott Besant, who is Treasury Secretary, these are negotiations. If you listen to Peter Navarro, who is an advisor who loves tariffs more than anything in the world, this is forever. We're gonna have this forever and everything's gonna be amazing. So is it a negotiation or is this just how we're doing things? Forever?
- [07:18]
Alex Jaquez
I think you have to take the last word that has come out of Trump's mouth, in which case we are cutting a lot of deals. Right. And that wasn't the case a week ago, of course, when he announced them. And that's why you've seen the different and contrad and mutually exclusive goals that Trump's advisors have set out. Jameson Greer, the United States Trade Representative, was testifying in Congress. When Trump announced the pause on Truth Social, it appeared that he had no idea it was coming. So you're seeing an administration in chaos and trade with the rest of the world. Trillions of dollars of trade really dictated by the whims of a mad king.
- [07:58]
Jane Costen
Fun. Yeah. To your point, the 90 day pause would suggest that the White House is leaning more toward the deal's justification for these tariff. Treasury Secretary Scott Besant said as much on Wednesday. He said dozens of countries have come to the US to negotiate with the US and that the White House will make bespoke arrangements with all of them. We obviously don't know what these deals will look like yet or if these deals exist. But on the face of that, would that build on the existing status quo? When it comes to globalized trade, which I heard over the last couple of days was bad, but now is good. I'm confused.
- [08:33]
Alex Jaquez
That's right. Not only are you confused, but the people out there cheering on what Trump is doing and telling us that there's a master plan and we just need to wait and see. They seem confused, too, because again, yesterday we were seeing it through, we were taking our medicine so that we could come out stronger on the other side. And today it's great that we've taken all these tariffs off the table. And so it is very unclear what the end goal of Trump's trade policy is. And I think as a result, the goals that have been stated by some of his administration, like reshoring American manufacturing, like lowering trade barriers from other countries, or ending currency manipulation, if you can't figure out what you are supposed to deliver on your side of the negotiation, it becomes very hard to enter into something that is going to be beneficial to you. And so if Trump is cutting deals out here one by one on new trade agreements to lower tariff barriers, that really goes against everything that he's said needs to happen for the last 40 years.
- [09:33]
Jane Costen
Yeah. And again, if this really is about making new trade deals, about reducing trade barriers, then what the hell was all the talk about? Manufacturing. And where does that leave the workers who voted for Trump on this issue because they thought he would bring back jobs and we would be reshoring manufacturing, but maybe we're not doing that, we're just having trade deals.
- [09:56]
Alex Jaquez
That's right. And I think again, you know, we saw Secretary Lutnick on TV the other day saying that Americans were going to be and sorry, let me see if I can follow this. We're going to be manning the machines that were going to turn the tiny screws in iPhones that are currently made in China and India. First of all, I don't think that's what Trump's voters signed up for. It's not a realistic proposition in the near term here. And what we want to do is move up the value chain, is make advanced manufacturing, clean energy technology, semiconductors here in the United States, things, by the way, that we were on the road to doing in the Biden administration thanks to the Inflation Reduction act and the Chips and Science act, both laws that Donald Trump wants to repeal. And so what we are doing here with regards to our manufacturing policy is just incoherent.
- [10:47]
Jane Costen
I want to talk a little bit about that because you advised former President Joe Biden on trade and the economy. You were part of the team that helped craft the tariffs on China on solar panels and on steel. So safe to say you clearly believe that there is a role for tariffs to play. What would a coherent tariff policy look like? Because I keep thinking about, and it's. The point's been made online that, like, if you like tariffs, this has been like the worst week of your life. Because right now tariffs look terrible. Everybody's gonna turn into a neoliberal. And so what would it look like if it were a good policy?
- [11:22]
Alex Jaquez
That's right. There's no defense for Donald Trump's trade policy right here. But in the past administration when we were looking at particularly strategic sectors, so either sectors that were critical to national security or sectors where we thought that we could compete for the future of the global marketplace, like clean energy products like batteries and semiconductors, there is a place to ensure that we are keeping some of that domestic production here in the United States that we were gaining from the innovation and the agglomeration effect here in the US and to move up the value chain in some of these sectors, and in particular for national defense purposes, it is not ideal that we have offshored so much of our industrial base, especially to China. And so we took targeted and strategic action in addition to other policies like the Inflation Reduction act, the Chips and Science act, subsidies and tax credits for production, as well as in conjunction with our partners and allies, friend shoring things that could not be fully insourced to the United States, working with countries like Canada, who then ended up taking some of the same actions, like on electric vehicles, against China. There is room in this world, I think, for a break from the globalization and the undermining of the US productive capacity that has taken place over the last 30 years that does not involve a shock and awe campaign that can be withdrawn at any moment. And we were pursuing it. And what Trump is doing is nothing like it.
- [12:57]
Jane Costen
So where do Trump's actions over the last few days leave the US Now? Because if I'm a business person who was thinking like, oh, should I build a factory in the United States? I'm like, no, absolutely not. Because you don't know, are we gonna turn the tariffs switch back on? We already have these 10% tariffs kind of universally like, it seems like we are in a much weaker negotiating position after all of this, because our entire trade policy appears to be based on nonsense.
- [13:28]
Alex Jaquez
That's right. And it's not just businesses. I mean, first of all, you're absolutely correct. If you're a CEO trying to pitch your board on a big factory investment, there is not a chance that you are going to make that pitch, certainly for the next 90 days. But how could you do it ever if you know that this is how our trade policy is going to be conducted? But I think also importantly, we shouldn't miss this as the stock market recovers. We like to say here at Groundwork Collaborative, the stock market is not the economy. People are. And this is going to have effects on people who are already fed up with Trump. On the economy, we see consumer sentiment diving. We see consumer spending pulling back. And I think a large part of that is the massive amount of uncertainty that there is in the everyday, everyday economy. People like safety and security. And if businesses aren't investing, if consumers aren't spending, if rates are staying high, this is the perfect recipe for stagflation. And that is what you know. If you looked at what the Federal Reserve put out a couple weeks ago, it's revisions to some of their economic assumptions. That's what they're pointing toward, is slower growth, higher unemployment and higher interest rates and higher inflation.
- [14:38]
Jane Costen
Fun. Alex, thank you so much for being here.
- [14:41]
Alex Jaquez
Thank you so much, Jane. I appreciate it.
- [14:43]
Jane Costen
That was my conversation with Alex Jaquez, Chief of Policy and Advocacy at Groundwork Collaborative, a progressive think tank. We'll get to more of the news in a moment, but if you like the show, make sure to subscribe. Leave a five star review on Apple Podcasts, watch us on YouTube and share with your friends. More to come after some ads. This podcast is supported by the International Rescue Committee. At the irc, we believe solidarity has no expiration date. As crises continue in Gaza, Ukraine, Sudan and around the world, the IRC is committed to ensuring families can survive, recover and rebuild their lives. Your gift today will rush healthcare, emergency supplies and other critical support to children and families in crisis zones around the world. For a limited time, all donations are doubled to help the IRC meet this moment of unprecedented need. Make a difference. Match your gift@rescue.org Rebuild the Road is calling.
- [15:49]
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- [16:20]
Jane Costen
Here's what else we're following today.
- [16:22]
N/A
Head of Lines.
- [16:26]
Donald Trump
And they're very powerful fish. I mean, I see them, they jump out of the water, they jump at the fishermen. I mean, I've never seen anything like it. And has this gotten into any of the other lakes yet? Because you would think it would be pretty easy because they're all sort of connected.
- [16:40]
Jane Costen
Sure, the economy has been shaken to its core by talk of tariffs, but Trump was able to change the topic to fish the fish, the Asian carp.
- [16:50]
Donald Trump
But we have to save Lake Michigan because these fish, they eat everything in the way, including the other fish. They eat everything. Are people endangered by the fish? I think, I mean, they're going to eat all the fish there. We won't be able to fish anymore. And that's a big deal in Lake Michigan.
- [17:08]
Jane Costen
Technically, the Asian carp is an invasive species that could outcompete other fish in Lake Michigan, so it would not eat all the other fish, just outbreed them. Science. Anyway, Trump brought in the very uncomfortable looking governor from Michigan to talk about it. Gretchen Whitmer mostly kept her eyes down during the visit, which covered the fish, sure, but also covered keeping a Michigan air base open. And she was also on hand, very unpleasantly, to watch Trump sign an executive order to revoke security privileges for Miles Taylor and Chris Krebs. Taylor is the former Homeland Security employee who wrote the infamous 2018 New York Times op ed entitled I am Part of the Resistance inside the Trump administration. As for Krebs, he used to work at the Cybersecurity and Infrastructure Security Agency. He called the 2020 election the most secure in American history, and Trump fired him by tweet. Trump might also have the DOJ investigate both Taylor and Krebs for thought crimes, a Whitmer spokesperson said afterward, quote, the governor was surprised that she was brought into the Oval Office without any notice of the subject matter. Her presence is not an endorsement of the actions taken or statements made at that the Trump administration seems to be considering giving out more government contracts, at least when it comes to deportations. Todd Lyons is the acting head of Immigration and Customs Enforcement. This week, he appeared at the 2025 Border Security Expo in Phoenix, Arizona, along with pals Tom Homan, aka the Border Czar, and Kristi Noem, aka Homeland Security Secretary. Anyway, the Arizona Mirror reports Lyon said the administration needs to start treating the deportation process like Amazon's subscription service, saying, quote, like prime but with human beings and that means more private sector work. Homan told the crowd of potential contractors, quote, we need to buy more beds, we need more airplane flights, and I know a lot of you are here for that reason. What a great group of people.
- [19:06]
Lindsay Toslowski
I think part of this is that the Trump administration finds fundamental fairness and due process in our courts to be really inconvenient for their plans for mass deportation.
- [19:17]
Jane Costen
On Tuesday, the Supreme Court allowed the Trump administration to continue to use the Alien Enemies act, at least for now. Not familiar? We've talked about it before, but the act is centuries old and it lets the government deport people faster and with fewer guardrails. Crooked's Tommy Vitor asked immigration lawyer Lindsay Toslowski about this. Toslowski did say there's one caveat in the ruling, though, and it's pretty critical.
- [19:41]
Lindsay Toslowski
It said that anyone who will be removed under this act has the right to notice and they have a right to meaningfully seek a habeas petition in.
- [19:51]
Jane Costen
Federal court, which basically means not so fast, Trump. There has to be a hearing. But, and this is important, detainees have to make their case in federal district courts, not just in D.C. and that might mean a detainee argues before a conservative judge in a state like Texas or Florida, or maybe a not so conservative judge after all. On Wednesday, at least two federal judges, one from New York and another from Texas, pushed back on the use of the Alien Enemies Act. Both said restrictions would buy lawyers in those states time to challenge its use. The Trump administration is back at it with its attacks on higher education for reasons the White House said it's freezing around $1 billion in federal funding for Cornell University, and it's doing the same at Northwestern university at nearly $800 million. As for those reasons, on Tuesday, the White House said it's investigating alleged civil rights violations at the schools. Cornell says it did not have information confirming the $1 billion figure, but it had received more than 75 stop work orders from the Department of Defense. Northwestern says it learned about the funding freeze from the media, but hasn't gotten official word as of our recording time. You know what, though? These pauses shouldn't come as a surprise. You might remember just last month the administration threatened 60 universities over pending investigations of alleged antisemitism on campus. Schools like Columbia, Brown and Harvard have already had their funding threatened. Surprise. Cornell and Northwestern were also on that list. Cornell says the freeze includes, among other things, research into, quote, space and satellite communications, as well as cancer research, work of significance for a national defense, the competitiveness of our economy and the health of our citizens. At Northwestern, a spokesperson said the freeze threatens life saving studies. He said Alzheimer's research is, quote, now at Jeopardy. And that's the news. One more thing. It's been a long what day is it? Thursday. Okay. Yes, the tariff news has been overwhelming. And for me and for you maybe, it has also felt really confusing and destabilizing in a way I found unpleasantly familiar. I was a senior in College in 2008 when the Global economy went belly up. In what seemed like a matter of weeks, Lehman Brothers went bankrupt, Bear Stearns collapsed, millions of people lost their jobs and their homes, and a recession began that changed how I and a bunch of people my age see the economy, our jobs, health, our lives. What happened this week wasn't that, at least not yet. And thank goodness we narrowly, narrowly dodged a complete economic meltdown caused not by a complex series of events or by a terrorist attack, or by a pandemic, but by one guy who just absolutely fucking loves tariffs. But let's be clear. We are not out of the woods, not by a long shot. So I want to hear from you. How are Trump's weirdo tariffs that are either about making America more masculine through autarky, eliminating all tariffs from every other country, or some other third thing that also doesn't make sense. Impacting you? Are you changing your financial habits? Are you worried about your business? Your savings? How have the past few weeks been on your side? Email us and tell us your story@whataday crooked.com. tell us what you're thinking about and what you're going through. We want to hear from you before we go. So Trump's plan to screw over everyone who's ever bought a good or service is going great. Good thing that's not me. Anyway, the crooked store figured this WTF moment called for a why the F not sale. So select t shirts are 25% off for a limited time. It's the perfect time to grab a piece that expresses what you care about, like a Don't Mess with Immigrants shirt or a Touch grass tee for 25% off. Wear it to a protest, a volunteer event for a local election, or just your everyday life as a reminder what you're fighting for. This sale won't last long, so head to crooked.comstore to shop now. That's all for today. If you like the show, make sure you subscribe, leave a review, Celebrate the State of Montana. Yes, Montana. Standing up for trans kids and their families and tell your friends to listen. And if you're into reading and not just about how Montana Republicans joined Democrats to defeat legislation that would have made it a felony for an adult to help a trans kid access gender affirming care like me. What a Day is also a nightly newsletter. Check it out and subscribe@cricket.com subscribe I'm Jayne Coastin and good things can, on occasion happen. Water Day is a production of Crooked Media. It's recorded and mixed by Desmond Taylor. Our associate producers are Raven Yamamoto and Emily Foer. Our producer is Michelle Eloy. We had production help today from Tyler Hill, Johanna Case, Joseph Dutra, Greg Walters, and Julia Claire. Our senior producer is Erica Morrison and our executive producer is Adrienne Hill. Our theme music is by Colin Gilliard and Kashaka. Our production staff is proudly unionized with the Writers Guild of America East.
- [25:26]
N/A
What's poppin listeners? I'm Laci Moseley, host of the podcast Scam Goddess. The show that's an ode to fraud and all those who practice it. Each week I talk with very special guests about the scammiest scammers of all time. Wanna know about the fake errors? We got em. What about a career con man? We've got them too. Guys that will wine and dine you and then steal all your coins. Oh, you know they are represented because representation matters. I'm joined by guests like Nicole byer, Ira Madison III, Conan O'Brien, and more. Join the congregation and listen to Scam Goddess wherever you get your podcasts.
- [26:04]
Alex Jaquez
Gatorade Zero has all the electrolytes of.
- [26:07]
Jane Costen
Gatorade with zero sugar, designed to rehydrate and replenish for a day with zero excuses and zero reasons not to. Gatorade 0 is it in.