This week, President Donald Trump said the baseline rate for so-called “reciprocal” tariffs on countries around the world could now land somewhere between 15% and 50%, higher than what was previously floated. But according to Princeton international economics professor Gene Grossman, "it's not clear exactly what the purposes are, and many of them are in contradiction with each other." But first: Since the spring, oil rig count has dipped to near-pandemic lows. What gives?