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We recorded this podcast before markets closed on Monday, but at one point during the day the S&P 500 dipped into bear market territory — 20 percent off its recent high — before rebounding. In the two days following President Trump’s Liberation Day tariff announcement, the markets posted a 10 percent loss, the biggest two-day drop since the Covid crash.

On this episode of the podcast, Elliott Morris and Mary Radcliffe join me to talk about some of the math behind what Trump says he’s doing and how the public is reacting.

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