Welcome to the Dispatch podcast. I'm Sarah Isger. That's Steve Hayes, Jonah Goldberg, and

Drumroll, please, Mike Warren.

All right. We're going to start with tariffs.

This week, we had Liberation Day at the White House.

President Trump imposed at least 10% tariffs on goods imported from most U.S. trading partners. 10% for the United Kingdom,

20% for EU members. Tariffs from China will jump 34%, 25% on all foreign-made cars,

24% from goods from Japan, 26% from India, 46% from Vietnam, 49 percent from Cambodia. Here's some things the president had to say about that. This is Liberation Day.

April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed. For decades,

our country has been looted, pillaged, raped and plundered by nations near and far, both friend

and foe alike. It's our Declaration of Economic Independence. Today we are standing up for

the American worker and we are finally putting

America first. Now, people on the internet were able to look at the chart of countries and

figure out this formula, which they said was the total of trade barriers, tariffs, currency

manipulation, etc. That's what the chart that the White House handed out said.

But it appears that the formula is actually much more simple than that.

It is the trade deficit as in how much we import from their country minus how much we export

to their country divided by how much we import from their country. A pretty simple

formula. And one that is kind of weird, because for a lot of countries, then, it's in the

negative, right? They take more of our stuff than we take of theirs, but we still impose a 10%

tariff on them. And for many of these countries that use our services, for instance, services not included,

only goods.

There's the economic side of this.

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