Big Take Trump’s Economy, One (Second) Year In
10 snips
Jan 19, 2026 
Nancy Cook, a Bloomberg political reporter, and Mark Niquette, a reporter focused on the real economy, dive into Trump's transformative economic agenda. They discuss how sweeping tariffs have reshuffled global trade, creating uncertainty for businesses. Cook highlights the challenges of evaluating these policies due to constant changes, while Niquette notes the lack of major reshoring despite tariff intentions. They also touch on deregulation, labor shortages, and the long-term implications of Trump’s populist economic themes for the Republican Party.
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Tariffs Reordered Global Trade
- Trump’s tariffs have reordered global trade by creating large uncertainty for U.S. businesses.
- Companies rushed to import ahead of changes and scrambled to adjust as rates kept shifting.
Policy Flux Masks Economic Effects
- The economic effects of tariffs are hard to measure because trade policy kept changing week to week.
- Nancy Cook says frequent carve-outs and rate shifts blurred clear data-driven conclusions in year one.
Reshoring Hasn't Materialized Yet
- Tariffs haven't yet driven widespread reshoring because firms face long lead times and uncertain trade policy.
- Higher input costs from tariffs also make onshoring less straightforward for many manufacturers.