Economists and politicians told us that President Trump’s tariffs would spark foreign retaliation and drive up domestic prices. But current economic data are beginning to tell a different story.

Anna Wong, chief U.S. economist at Bloomberg Economics, joins Oren to discuss what the post-Liberation Day data are telling us. As tariff rates begin to stabilize due to trade deals, Wong breaks down how tariffs are reshaping firm behavior, potentially driving a wave of future domestic investment by realigning incentivizes. Additionally, Anna and Oren explain why the punditry class’s fixation on near-term CPI levels is missing the bigger story.