Hi there, everybody, TGIF, right?

It's 4 o'clock in New York, like a B movie thriller.

There are twists and turns today in the melodrama that is Donald Trump's handling of the U.S. economy.

As our colleague Stephanie Ruhl said this morning, quote,

Trump appears backed into a corner, end quote. Ahead of talks with China, Trump has now floated

lowering the tariff rate to 80%. He posted on true social, quote, 80% tariff on China seems right,

up to Scott B. Of course, it's not really just up to Scott B, U.S.

Treasury Secretary Scott Bessent. Final decision is up to Donald T. Besson is set to meet with

Chinese officials tomorrow. As the New York Times reports, quote, an 80% tariff would be a big drop

from the current 145% that Trump

imposed on Chinese imports in recent months. But that higher level would still shut off most

trade between the countries. While it differs from company to company, some executives have said

that tariffs below 50% are generally enough, tariffs above 50% are generally

enough to freeze exports to the U.S. Companies that are not able to find an alternative source

of supply for their products outside China are facing the prospect of bankruptcy and layoffs as

the summer grinds on, and even 25% tariffs could be crippling.

All of that, layoffs, bankruptcy,

the prospect of empty shelves.

That is what people here in the real world

are worried about, as Donald Trump posts

about lowering tariffs from 145 to 80,

quote, up to Scott B.

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