• “New phone, hou this?”
• Trump has now branded April 2, the day slated for the largest tax increase in American history, as “Liberation Day.” That’s the day the administration’s “reciprocal” tariffs are supposed to take effect. The rates will be determined by a still-undetermined formula including other countries’ policies and taxes, not just their tariff rates, which with most major trading partners are zero or near zero. There’s no reason to let other countries’ governments set American tax rates. But the president has always believed, contrary to evidence, that foreigners pay tariffs and that raising our tariffs brings other countries’ levies down more often than up. In recent days, reports that the administration is scaling back the scope of the tariff package have spurred a positive response from the markets. By scrapping the plan altogether, he could bring them roaring back, boost business confidence, and help his flagging economic approval rating. Where Trump sees liberation, we see shackles.
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