Daily Podcast #20

Source 🎧

How Trump’s Tariff Trade War Could Hit You - CNN One Thing

Sentences ✍️

1. Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore. It’s not going to happen.
   • rip off: to cheat someone, especially by charging them too much money or selling them something of poor quality.
   • New sentence: I was ripped off by him for over 2 years.
2. It is not hyperbolic to say that it is an intentional choice to completely reorient 80 years of global commerce without any forward guidance, clear messaging or general understanding of the intent. This material may be protected by copyright.
   • hyperbolic: Exaggerated or overstated; using extreme or unrealistic language to make a point.
   • New sentence: It is hyperbolic to say this test is impossible.
3. There are not a lot of economists that I know or that I’ve spoken to in the last several months that believe that their theory of the case is remotely plausible.
   • plausible: Seeming reasonable or believable; possible to be true.
   • New sentence: It is plausible that this kind of plan will work.

Summarization 👀

President Trump has launched a massive new tariff policy, calling it “Liberation Day,” aiming to correct what he sees as decades of unfair trade practices against the U.S. This move has shaken global markets, causing stock prices to plummet and raising fears of a possible recession.

The administration’s strategy is based on reducing trade deficits and bringing manufacturing jobs back to the U.S., even though most economists doubt its effectiveness. Trump’s economic advisors believe their past experience with tariffs proves their approach can work, despite global skepticism.

Industries like steel and auto manufacturing support these tariffs, hoping for more domestic production. However, supply chains are complex, and many U.S.-made products still rely heavily on foreign parts, making the plan difficult to implement without price increases.

While CEOs and investors express concern, Trump seems determined to follow through, focusing less on market reactions than during his first term. The uncertainty surrounding these policies is expected to continue, affecting businesses, consumers, and global trade relationships in unpredictable ways.