Presented by BP.

Hello, good morning, everyone.

This is Playbook's managing editor and author Jack Blanchard.

It is Thursday, April the 10th, and oh my goodness.

America is in a trade war, just not the one we were expecting this morning.

America is in a trade war with China after Donald Trump

increased tariffs on China to 125 percent. China have increased tariffs back on America and

that is where we are at right now. But of course, the thing that everyone's talking about is the

fact that tariffs on all those other countries, the so-called reciprocal tariffs, and by the way,

they were never reciprocal tariffs, are not coming into effect for at least 90 days and maybe not ever.

And we will be talking about that in a minute.

Obviously, that is driving the day.

There is another big story driving the day, though, in Washington, and that is the future

of the Republicans' budget bill, which remained in limbo because House Speaker Mike Johnson

canceled the vote last night. At that point, the bill was doomed to fail. We don't know

how this is going to play out today. It's not good news for Donald Trump either, because this

is looking like the first time that we've had a real rebellion in the House since he became

president for a second time among his own party and that is a real,

going to be a real test of his power to see how this is going to get through today.

But we're here to talk about tariffs.

It's the only thing that anyone is talking about, the uncertainty around the world, where are we

going from here to talk with me about it once again, a rare double appearance, in fact,

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