Emily and Geoff are recuperating from a busy Liberation Day of new tariff announcements. On this week’s episode, they break down what new tariffs the President announced, raise some questions about how this sweeping new tariff regime will actually be implemented, and discuss what a recent CNAS economic wargame suggests about how foreign countries might respond. Plus, they argue about who gets to negotiate with the penguins.

Ana Swanson, “Want to Play a Game? Global Trade War Is the New Washington Pastime”, New York Times

White House, “Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits“

Peter Harrell, “The Case Against IEEPA Tariffs”, Lawfare