Leadership, Trade, and Economic Consequences

Last week, in one fell swoop, Donald Trump wiped out trillions of dollars in wealth, upended all of our trade relations, and poised the U.S. for a lengthy recession and higher prices. His big money backers are in freakout mode. He’s made himself politically vulnerable in dramatic fashion, but also undermined the foundations of the American age.

In this episode, Matt and Brian discuss life with (and after?) Trump’s tariffs:

* How the fuck did Trump’s billionaire backers get this so catastrophically wrong?

* Is Trump looking for an offramp, where he “negotiates” away these tariffs in exchange for symbolic victories, or are they here to stay?

* How does uncertainty around that question exacerbate damage to the economy economic?

Then, behind the paywall, where, if anywhere, do we go from here? Are Democrats handling the situation optimally, in both legislative and messaging contexts? Would it even matter all that much if Congress revoked presidential tariff authority, now that the whole world sees us as erratic and untrustworthy? Is there a path back to an American-led global economic order, or are we just permanently poorer?

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Further reading:

* Brian on what it would look like to really reverse America’s Trump-induced collapse.

* Matt’s 29 thoughts on Liberation Day™️.

* Josh Marshall on how all power is unitary.