Thank you, that's California for welcome to the May 7th edition of National Review's radio-free California podcast.

I'm Will Swain, president of the California Policy

Center. You can find my colleagues and me at California PolicyCenter.org. You can find my

friend and co-host David Bonson right here. He's an economist, the host of the Capital

Record podcast. He's also author of the book Full Time Work and the Meaning of Life. And of

course, he's founder of the eponymous investment firm, the Bonson Group. Hello, David. Hello, Will. How are you, my friend? I'm good, man. I'm so

delighted to see you, even if you're halfway across the country. Where are you this morning?

As of right now, I am in Dallas, Texas, where my company has just opened in office.

Congratulations, Felicitades. So, you put out a phenomenal piece

yesterday, and I just wanted to ask you a little bit about it. And it has direct bearing, not just on

federal, global, but California issues. It's called the tariff impact on Main Street. Tell us what's your purpose,

your conclusion. How does this reflect what's going on in California? Well, the intent of the

piece is in the aftermath of the initial debacle from April 2nd, you know, it took President Trump about five days

to reverse on everything he had done, where he essentially put the global economy into a

tailspin by announcing just some really incoherent tariff plans on over 70 countries that were not in any way matched to reciprocity,

which is what he had been saying for the last couple months. Oh, if they're tariffing us,

we're going to tariff them. I happen to believe that would be a very bad policy too,

but that was still at least what people were expecting and it has a certain aura of fairness to it.

And instead, he was going to be charging Switzerland significantly higher tariffs

than the rest of the European Union,

where Switzerland has virtually no tariffs on us,

and European Union has higher tariffs.

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