On this week’s episode of The Big 3, CPA economists Mihir Torsekar and Andrew Rechenberg focused on a new metals proclamation, a pharmaceutical proclamation, and the one-year anniversary of President Trump's Liberation Day tariffs. The team explain why the new metals action is so significant: steel, aluminum, and copper tariffs will now apply to the full customs value of imported products rather than just the declared value of their metal content, a change aimed at stopping chronic undervaluation and customs gaming. They also noted the new tiered structure and the need to keep exemptions narrow.

Second, the conversation turned to pharmaceuticals, where the administration made a positive national-security finding and imposed a 100% tariff on patented brand-name drugs and key inputs for companies without U.S. production plans, while creating lower tariff tiers for firms that invest onshore. The hosts welcomed the move but argued generics still need to be included, given their central role in U.S. healthcare.

Finally, they assessed Liberation Day one year on, arguing that the worst tariff predictions never materialized. Instead, they pointed to stronger durable goods orders, rising industrial production, sector-specific gains in metals and autos, and little evidence that tariffs are meaningfully driving inflation.