Doctor Scott Burns joins the show to discuss the significance of Liberation Day, which marks a major expansion of tariffs implemented by President Trump. Unlike the targeted tariffs of 2018-2019, which affected $400 billion worth of goods, the new tariffs impact $3.2 trillion worth of traded goods. Burns explains that these reciprocal tariffs are a response to other nations imposing higher tariffs on American goods. He emphasizes that tariffs are essentially taxes on U.S. citizens and companies, leading to higher costs for consumers. Burns argues that retaliating with tariffs is not beneficial, as it harms domestic jobs and raises taxes on American citizens. He compares trade to a win-win scenario, unlike the zero-sum nature of sports. Burns suggests that while Trump's approach might be seen as a negotiating tactic, it ultimately reflects his long-standing antagonism towards free trade. He highlights that global trade should be viewed as mutually beneficial, rather than a competitive game. Burns concludes by noting that past presidents have had varying views on tariffs, with recent decades seeing fewer tariffs compared to the McKinley or Teddy Roosevelt eras.