4.6 β’ 29.8K Ratings
ποΈ 16 May 2025
β±οΈ 28 minutes
ποΈ Recording | iTunes | RSS
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0:00.0 | This message comes from Lever Time, a podcast from The Lever. |
0:03.7 | This month, the podcast is doing a deep dive into all things tax-related, such as property taxes, the IRS, and how tax cuts work. |
0:11.6 | Lever Time is available wherever you get your podcasts. |
0:15.9 | This is Planet Money from NPR. |
0:20.8 | The first ships with the 145% tariffed goods from China had just started pooling into |
0:27.1 | U.S. ports last week when, just a few days later, the U.S. announced that that mind-bendingly |
0:32.5 | high tariff was now gone, paused. |
0:34.9 | The U.S. and China agreed to temporarily bring the tariff way, way, way back down |
0:39.8 | from 145% on most Chinese imports to 30%, though the tariff on things like cars and steel and |
0:49.0 | aluminum is higher, about 50%. And, you know, the deal came pretty quickly after talks in Geneva, and it was |
0:56.0 | maybe unexpected or maybe not at all unexpected because the 145% tariff on China and China's |
1:03.3 | retaliatory tariff on the U.S. was already threatening a global recession. And in all the |
1:08.9 | tit for tat back and forth, some companies caught really |
1:12.4 | unlucky, like those whose goods arrived at U.S. ports before the pause. If a medium-sized |
1:19.7 | company had a million dollars worth of goods imported, they had to pay an extra million and a half |
1:25.9 | dollars on top of that just in the tariff. And had their ships |
1:29.2 | arrived, like a day later, their bill would be punched to the gut so much less. And even though |
1:36.4 | this unprecedented tariff only lasted a month, it already inflicted its scars on the economy. |
1:43.3 | Today on the show, what a month of 145% tariffs |
1:46.9 | looked like and felt like for three people in the global economy whose lives were all affected |
1:52.4 | and still will be. We'll start at the biggest port in the Western Hemisphere. Yes, hi. Nice to meet you. |
1:59.6 | Oh, in a suit at the port on a 93-degree day. |
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