Presented by BP.

Good morning, everyone. I'm Playbook Deputy Editor Zach Stanton. It's Friday, April 4th,

and there are a few things worth clocking this morning. There's an expectation in national capitals

throughout Europe that President Donald Trump could hold another phone call with Russian President

Vladimir Putin as soon as today, as my colleagues in London report this morning.

And here in Washington, Capitol Hill is intently focused on the Senate's voterrama session

that's expected to happen this weekend ahead of final adoption of the Senate GOP's budget resolution.

But if you want to know what's driving the day,

there's really only one story and everything else is secondary.

That's the economic after effects of Donald Trump's market-rattling,

globe-shaping cascade of new tariffs.

He announced them on Wednesday evening,

and yesterday they sent markets tumbling head over heels with major losses. It was the biggest one-day wipeout in value since the early days of the

COVID-19 pandemic. There's a whole lot we need to unpack. And joining me to do just that is

Politicoeconomics correspondent and capital letter columnist Victoria Guida. Good morning,

Victoria. So new today, huh?

Yes. That's definitely how I would not characterize it.

So there's a lot of uncertainty in the economy at this moment. But one thing that is certain

is President Donald Trump's stated goal with these tariffs. One of the biggest is this notion

that tariffs will onshore a lot of American jobs and lead to major new investments in the

U.S. But I gather that might be wishful thinking. What is it that you're hearing from business

leaders and economists about the outlook on that front. Do they sound eager to make major

...