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PBS News Hour - Segments

How the affordability crisis has evolved since Trump's return

PBS News Hour - Segments

PBS NewsHour

News, Daily News

4.11K Ratings

🗓️ 21 January 2026

⏱️ 8 minutes

🧾️ Download transcript

Summary

President Trump marks his first year in office with an economy that looks a lot like the one he inherited. During a White House briefing, Trump hailed his policies and hit on the number one issue for Americans, affordability. For a closer look, Amna Nawaz spoke with Heather Long, chief economist at Navy Federal Credit Union. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

Transcript

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0:00.0

For a deeper look at President Trump's speech in Davos today, and what it signals to the rest of the world, we return to our On Democracy series, which explores the laws, institutions, and norms that have shaped America and the pressures they face today.

0:14.6

Tonight's conversation is with Pulitzer Prize-winning journalist and historian Anne Applebaum, who's also the host of the Atlantic's Autocracy in America podcast.

0:23.6

And welcome back to The News Hour. Thanks for joining us.

0:26.2

Thanks for having me. I want to talk to you about the events of the last 24 hours.

0:29.5

Just as a quick note of transparency because we're speaking about Europe and our allies so much,

0:33.8

we should note your husband is currently the foreign minister of Poland. But moving into your

0:38.1

field of work here and your expertise, I just want to get your reaction to what we've seen in the last 24

0:43.4

hours. President Trump going into Davos, threatening U.S. military action in Greenland, threatening

0:48.3

potential tariffs against European allies, walking both back on the ground and saying there's a potential framework deal.

0:55.5

What do you make of that?

0:56.9

I think the most important speech at Davos that has been made was the one made by the Canadian

1:01.5

Prime Minister Mark Carney. And he used the word rupture. He said, this is not a moment of

1:07.7

transition. It's a moment of rupture. Everything is changing.

1:11.6

And actually, the substance of President Trump's speech doesn't really change that feeling.

1:17.6

The feeling of American allies that the United States that they knew for so long has changed in some fundamental ways,

1:25.6

that the principles of collective security, which bound

1:28.8

all of us together for a long time, are no longer valued, or at least not as valued as they

1:34.4

once were in Washington, and that new different, new alliances and new kinds of relationships

1:42.2

and organizations and institutions are going to have to be created

1:45.1

to meet this moment.

1:46.8

You saw that remarkable speech from Carney.

1:49.2

We also saw other longtime allies across Europe really start to chafe and push back against

...

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