Hello and welcome. This is The Reason Roundtable, the podcast of Free Minds, Free Markets, and Free Takes.

I'm your host, Peter Sutterman. Happy Monday to everyone, except the people checking their retirement accounts this morning.

Let's start with the economy. Lots of economic news last week. Lots of headlines. There was a just-okay

jobs report. Job creation was not terrible, but a little bit soft. And the unemployment rate ticked up to a

worrying 4.1%. There's a big drop in the stock market, including a sell-off and other further

declines just this morning. All of this comes as President Trump followed through with some

of the North American tariffs he promised a month ago. Last week, he let them go into effects. And then a

day later, he partially reversed himself. So I want to begin today by going around the panel and asking,

what is your headline about the economy, your big picture take this week? Catherine, let's start with you. What's your headline?

The Politico headline, Trump won't rule out a recession in 2025. I sure wish he would, Peter.

Yeah, that doesn't sound great. Matt, what's your headline? We are transitioning from a rules-based international order where

America pretty much wrote the rules benefited from them. People largely went along with it because

it was good for them and they identified with American values. We're hurtling recklessly from

that world to a new one that's more about might makes right and what the hell is going to happen

tomorrow. We're not really sure and people are rightly suspicious of American values. And Donald Trump

thinks that's going to be less expensive. I think it's going to be more expensive. The no rules based

international order sounds very much like a Mad Max sequel, which or an outback, an outback stake.

I was just right. Yeah. What could go wrong?

Nick, what's your headline? Mine is uncertainty freezes economic activity and Trump is the king of

uncertainty. That sounds just about right. My headline is it's Trump's economy now, and we all have to live with it.

That's our teaser this week. We have a great show lined up for you today. We're going to talk more about tariffs and the economy under President Trump.

We're going to check in on Elon Musk and what is going on with Doge. We have a listener question about home ownership, and we will look back on lessons learned or maybe not learned from the pandemic

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