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The Briefing with Jen Psaki

Cost-Benefit Analysis: Trump Enriches Billionaires, Bleeds Consumers Amid Tariff Reversal

The Briefing with Jen Psaki

NBC News

News, Politics

4.5664 Ratings

🗓️ 14 April 2025

⏱️ 41 minutes

🧾️ Download transcript

Summary

Jen Psaki breaks down the disparate impact of Donald Trump's on-again, off-again tariffs, revealing how the wealthy capitalized on the president's stock tip hours before he announced a big reversal on his tariffs this week. Kentucky's Governor Andy Beshear joins to discuss the real world implications of Trump's unpredictable and inconsistent economic policies, which are set to blow a "huge hole" in family budgets. Next, Jen is joined by Rep. Melanie Stansbury of New Mexico and former White House Communications Director Jennifer Palmieri to talk about the Republican's budget proposal, which puts Medicaid in the crosshairs. Jen also examines Donald Trump's stunning interpretation of a Supreme Court ruling requiring the return a Maryland father who was mistakenly sent to El Salvador by the Trump administration and wrongfully imprisoned. Finally, Andrew Weissmann joins to discuss how Donald Trump is using the presidency to extort nearly a billion dollars-worth of free legal services from private law firms.

Transcript

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0:00.0

Well, it's been a hell of a ride for the U.S. economy over the last few weeks.

0:13.2

I mean, this past week began with the stock market continuing its nose dive because of Donald

0:18.3

Trump's kind of weird obsession with putting in place tariffs based on a completely made-up formula.

0:24.1

Then on Wednesday, he abruptly pulled back on the most egregiously high tariffs on most countries for 90 days,

0:30.9

but left a 10% tariff across the board on all of them.

0:34.2

Then he jacked up tariffs on China to 145% before announcing an exemption for

0:39.8

smartphones, flat screen TVs, and semiconductors late Friday night. And then it continued to

0:45.6

get more confusing because just this morning his commerce secretary said this quote is not like

0:51.4

a permanent sort of exemption, whatever that means.

0:55.2

So there's a little bit of a pattern here.

0:57.0

He's going too far and then he's caving and it's all a little uncertain and murky.

1:01.7

But it's important to remember that even with all these walkbacks, prices on everything

1:06.0

from clothes to toys to appliances are still going to be much higher for everyone.

1:11.8

And in less than 90 days, Trump could have a brand new chart with a brand new fake equation,

1:16.5

and we could be right back at square one.

1:19.8

The point being that, unfortunately, we are not quite out of the woods yet with all the tariffs.

1:25.0

One of the things that really stuck out to me this week

1:27.6

was how Trump announced his reversal on tariffs,

1:30.6

or his semi-reversal, I should say.

1:33.1

It all began Wednesday morning when he issued something

1:35.9

of a stock tip from the White House.

1:38.6

In all caps, he said, quote,

...

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