This is John Batchel, a conversation with good colleague Elizabeth Peake of the Hill a columnist,

a Fox News columnist, March on Fox Business.

Lessons learned from 2025 in the Trump administration.

I chose to learn the lesson that the president is extremely good at large ceremonies such as the Army-Navy game,

spectacular, offering inspiration, leadership,

solemnity, pleasure, great joy, great joy, the cheering of the cadets and the midshipmen

and their families. Liz draws another interesting comparison for the president.

What was expected before Liberation Day and the tariff announcement in April of 25.

And what we've experienced afterwards.

Here's Liz to explain.

Lessons learned.

Tariffs.

Maybe not so bad.

Maybe a way out of the dilemma we face with that debt overhang.

More of this tonight. Liz P.

I'd say another lesson learned from this year is that the tariffs may have been successful.

You know, I had an argument with someone last night about there saying, well,

raise prices.

Well, it didn't raise prices very much.

And the reality is we have hundreds of billions of dollars in revenues coming in.

If we want to bring our deficit down, folks, this is one avenue to doing it. I don't like the idea is going to shell out some of those billions to Americans in the way of checks or what have you.

But I think right now, if indeed it can encourage manufacturing here in the United States

...