The news arrived today that the US economy has dramatically cratered - shrinking in the first quarter of the year, whereas it had been strongly growing before. It is fairly clear with the breakdown that this is due to the short-term impact of tariffs, and that it's just the first sign of the scale of the disruption being caused, which will turn into yet more problems down the line. And yet President Trump says tariffs are wonderful and blames Joe Biden for the crash, even though his own advisors say otherwise. What's going on? Let's discuss.