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đď¸ 4 August 2025
âąď¸ 41 minutes
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| 0:00.0 | Ready to launch your business? Get started with the commerce platform made for entrepreneurs. Shopify is specially designed to help you start, run and grow your business with easy customizable themes that let you build your brand, marketing tools that get your products out there. Integrated shipping solutions that actually save you time. From startups to scaleups, online, in person and on the go shopify is made for entrepreneurs |
| 0:23.3 | like you sign up for your one dollar a month trial at shopify dot com slash setup welcome back to |
| 0:31.3 | unbiased your favorite source of unbiased news and legal analysis. Welcome back to unbiased politics. |
| 0:39.0 | Today is Monday, August 4th. |
| 0:40.4 | Let's talk about some news, starting with a couple of executive orders from last week related |
| 0:46.1 | to tariffs. |
| 0:46.8 | So last Thursday, President Trump signed two executive orders modifying tariffs. |
| 0:53.2 | I want to break down each of those orders and talk about |
| 0:55.9 | how they change the original tariff plan that we talked about back in April. So back in April, |
| 1:01.7 | as I'm sure a lot of you remember, President Trump announced these so-called Liberation Day tariffs, |
| 1:07.0 | right? They were scheduled to take effect in two phases on April 5th and April 9th, |
| 1:11.4 | and they included two key components. So first, a baseline, 10% tariff on imports from all |
| 1:18.0 | countries, except Canada and Mexico because of an existing trade agreement. And then second, |
| 1:23.9 | country-specific tariffs. And these country-specific tariffs were based on each country's |
| 1:30.5 | trade deficit with the United States. And a trade deficit, just so we're all on the same page, |
| 1:35.3 | is the difference between how much the U.S. imports from a country versus how much it exports to |
| 1:42.5 | that country. If we buy more from a country than they buy from us, |
| 1:47.9 | we have a trade deficit with that country. So under Trump's plan, countries with which we have a |
| 1:53.9 | higher trade deficit would face higher tariffs. Now, we know since that original order was signed |
| 2:00.1 | in April, President Trump has reached |
| 2:02.5 | individual trade agreements with various countries like Japan, South Korea, the EU, the UK, and some |
| 2:09.2 | others. One of the two executive orders that was signed last Thursday modifies the original |
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