In today’s show, Kimber-Kai are answering your questions about all the wild things going on in the U.S. economy. Isn’t the 30% tariff rate on China still crazy high? And, how are local governments preparing for potential federal funding cuts? We’ll discuss how states are weighing their next moves, and how the “Trump Slump” has taken shape in California. Then, we’ll get into the Federal Reserve’s wait-and-see tariff strategy. 

Here’s everything we talked about today:

• “State of U.S. Tariffs: May 12, 2025” from The Budget Lab at Yale
• “States, Cities Face Funding Collapse Threat With Trump Cuts” by Bloomberg
• “Higher prices or higher unemployment? The economy could face a no-win dilemma” by NBC News

Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

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