Manufacturing orders are down, stocks are down, and mortgage rates are up. But Trump and his family are wealthier than they've ever been. He's got his Ponzi-like crypto scheme, his meme coin, and a boatload of big money types showing up at Mar-a-Lago trying to curry favors from him for some cold, hard cash. Meanwhile, Trump is play-acting like he has a strong hand, but he's begging China to make a deal. Plus, the administration is defunding science and our world-renowned medical centers to buy crypto. And the Abrego Garcia kidnapping and imprisonment has touched a nerve in surprising ways.

Stephanie Ruhle joins Tim Miller.

Bloomberg on United Airlines having two profit scenarios because of the trade war (gifted)

*The Bulwark Podcast is sponsored by BetterHelp

Trump & company want to turn us into Taiwan circa 1985. But the brilliant minds behind the idea of intentionally weakening the dollar are prioritizing making America a good place to manufacture rather than a good place to live. If the administration stays on this track, this country will have lower incomes, higher inflation, and weaker buying power—and more expensive beer and tomatoes. Maybe we were better off with Jared there. Meanwhile, in the Rust Belt, some Dems are arguing for a smarter version of tariffs. Plus, Abrego Garcia's union brothers want him home and Trump wants to fight with Harvard.

Rep. Chris Deluzio and Josh Barro join Tim Miller.

Rep. Deluzio's NYT piece arguing for smarter tariffs

Josh's NYT piece on how Trump is giving Dems a gift with his tariffs

We are here: Trump is openly defying the Supreme Court while sitting side-by-side with a Latin American strongman who openly mocked our judicial system from inside the Oval Office. Trump so badly wants his one-man rule and Republicans keep helping him, while corporate America keeps trying to get on his good side. Meanwhile, the intimidation is chilling free speech on college campuses and within immigrant communities. 

Bill Kristol joins Tim Miller.

JVL's emergency Triad from Sunday

JVL's latest Triad

The latest Focus Group on the fighting mood among Dem voters 

Trump has effectively imposed a trade embargo on China, which means that after the inventory runs out, American retail will soon dry up. And since Europeans are already bypassing U.S. military contractors to beef up their defense spending —El Salvador is our only ally now— Trump is likely to do something desperate, like firing the Fed chair or seizing Greenland. American presidents decades from now will still be cleaning up what Trump did to this country in 2025. David Frum breaks down the insanity and stupidity of the vision behind the tariffs regime as well as the deep feelings of betrayal in Canada. If globalism means peace, prosperity, and commerce, then let's be globalists.

 David Frum joins guest host Jonathan V. Last for the weekend pod.

David's new Atlantic podcast

David on screw manufacturing and the absurdity of Trump's tariffs

David on how the tariffs will make smuggling great again

Tim's playlist

Just before he paused the tariffs on Wednesday, an unusual spike in activity on the S&P 500 prompted speculation that Trump was orchestrating an insider trading scheme. After the markets closed, he joked with *the* Charles Schwab about how the financier had made $2.5 billion in trades that day. Meanwhile, Trump ordered the DOJ to investigate two former officials he regards as enemies—this comes on the heels of his efforts to intimidate law firms from taking on clients who oppose him. Plus, Trump's long obsession with white South Africans, and do Democrats listen too much to grassroots activist groups?

Andrew Weissmann and Patrick Gaspard join Tim Miller.

show notes

The White House is pumping out a lot of happy talk about countries wanting to make deals over the tariffs, but the tumult Trump has created has spread to the bond market. And that may be a sign that he has people so spooked about the U.S. economy that our Treasuries are no longer seen as a safe bet. Meanwhile, China has a lot of leverage here and may be using it. 

Plus, the Democrats' candidate recruiter for the midterms, Colorado's Jason Crow, discusses how to win back working class voters. 

Catherine Rampell and Rep. Jason Crow join Tim Miller.

Catherine's column, "Who will tell Trump he’s naked?"

Catherine's column on the Senate GOP tax plan

NYT profile of Jason Crow 

When it comes to biomedical research, America is already great. We are the world's leader in the field. But the Trump administration is gutting research and innovation on things like cancer, Alzheimer's, and arthritis—and the amputation of our scientific expertise under RFK, Jr. has been about as thoughtful as the tariffs rollout. Meanwhile, when it comes to the developing budget bill, Medicaid is getting some surprising red state support from people like Josh Hawley. Plus, when people willfully choose ignorance as a way to cope with an uncertain world.

Professor Mark Lilla and The Bulwark's Jonathan Cohn join Tim Miller. 

Mark Lilla's new book, "Ignorance and Bliss: On Wanting Not to Know"

Mark's website

Jonathan on Trump's cuts at child-care programs like Head Start

Part of the reason for the market bloodbath is because the finance wizzes didn't factor in that Trump would actually do the truly moronic thing he kept saying he would. Their shock over his recklessness is intensifying the crash. Meanwhile, a trio of administration fools trying to defend the tariffs—Lutnick, Bessent, and Hassett—showed there is no grand design to the trade war, White House infighting is getting hot enough that even Elon is subtweeting Trump, and the folks we elected over on the Hill could actually do something to try to stop the market carnage. Plus, new reporting on our government's kidnapping of migrants, Republicans in North Carolina are trying to steal a supreme court seat, and where is JD Vance?

Bill Kristol joins Tim Miller for the weekend pod.

JVL on the end of the American Age 

Lauren on the backlash against Dems in major law firms who are bending the knee 

60 Minutes segment on migrants sent to the Salvadoran penal colony 

Tim's 'Bulwark Take' responding to the 60 Minutes report 

Tim talking with AEI's Stan Veuger about Trump's terrible tariff math

The book, "The Captive Mind" by Polish poet Czeslaw Milosz 

It's been great to live in America since World War II, but Trump is in the process of blowing up that whole order. Even Canada is looking to lead a new alliance, because how can other countries trust us after voters put the stupidest convicted American back in charge? And never forget that Russia is not on the tariff list—despite the fact that the US does more trade with Russia than a number of other countries on the list. Meanwhile, Trump opted to head to a golf tournament instead of attending the dignified return of the four dead servicemen who were killed in Lithuania. Plus, 9/11 truther Laura Loomer is running the National Security Council and we're still bombing the Houthis.

Adam Kinzinger joins Tim Miller for the weekend pod.

Video of Lithuanians paying homage to the four American soldiers who died in a training accident

Tim's playlist

The market plunge is just pure Trump chaos, and perfectly matches his record as a businessman. From his numerous bankruptcies and many failures—including his airline, his casinos, his university, his water, and his steaks—he's been running one long con. And the supposedly smart people who should have known better put him back in power, somehow thinking he would never do something like destroy global trade. Meanwhile, in Michigan, where there have already been job losses directly caused by Trump's tariff war, State Senator Mallory McMorrow announced she's running for the U.S. Senate—saying she's had enough of the leadership and the bullshit in DC.

Bloomberg's Tracy Alloway and Mallory McMorrow join Tim Miller.

Tracy's Bloomberg podcast, "Odd Lots"

Mallory McMorrow's Instagram

Mallory's new book, “HATE WON’T WIN: Find Your Power and Leave This Place Better Than We Found It.”