This episode explores the multifaceted fallout from President Trump's announcement of massive tariffs on numerous countries, dubbed "Liberation Day." Against the backdrop of plummeting stock markets and widespread business concern, the hosts analyze the potential political ramifications of a potential recession, noting that a downturn would likely harm Trump and the Republican party. More significantly, the discussion pivots to the implications for the future of free trade, with concerns raised about the difficulty of reversing Trump's actions and rebuilding trust in global trade agreements. For instance, the episode cites the results of two special congressional elections in Florida, where Republican wins were smaller than expected, and a Wisconsin Supreme Court election, where a liberal judge prevailed, suggesting a potential shift in political momentum. Finally, the podcast delves into Trump's immigration policies, highlighting the unexpected focus on high-profile deportations of students and visa holders, rather than mass deportations of undocumented immigrants, and explores the political and logistical challenges of this approach. What this means for the future of both trade and immigration policy under the Trump administration remains uncertain, with differing opinions within the administration itself.
