How Trump's new tariffs could tank the economy
Post Reports
The Washington Post
4.4 • 5.1K Ratings
🗓️ 3 April 2025
⏱️ 26 minutes
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Summary
President Donald Trump on Wednesday announced the largest increase in tariffs in modern U.S. history, unveiling import taxes that he said would revive domestic manufacturing and amount to a national “Declaration of Economic Independence.”
Today on “Post Reports,” financial writer David Lynch joins host Colby Itkowitz to discuss the impact of these tariffs on the American economy, and on your wallet.
Today’s show was produced by Sabby Robinson and Ariel Plotnick, with help from Rennie Svirnovskiy. It was edited by Lucy Perkins and mixed by Sean Carter. Thanks to Jen Liberto.
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Transcript
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| 0:00.0 | My fellow Americans, this is Liberation Day, waiting for a long time. |
| 0:09.0 | April 2nd, 2025 will forever be remembered as the day American industry was reborn, |
| 0:18.0 | the day America's destiny was reclaimed, and the day that we began to |
| 0:23.6 | make America wealthy again. I'm going to make it wealthy, good and wealthy. |
| 0:29.8 | On Wednesday, President Trump announced sweeping new tariffs on all U.S. imports. |
| 0:35.2 | And as you can hear, Trump called his plan, quote, Liberation Day, because he feels these |
| 0:40.2 | tariffs will be the biggest step towards getting economic power back in the United States. |
| 0:44.7 | Our country and its taxpayers have been ripped off for more than 50 years, but it is not going |
| 0:51.0 | to happen anymore. |
| 0:52.8 | It's not going to happen. |
| 0:55.0 | This move is a major escalation of Trump's trade war. |
| 0:59.0 | And so far, the fallout has been swift. |
| 1:04.0 | By Thursday morning, the announcement sent shockwaves through the stock market and rattled businesses. |
| 1:10.0 | An economists are now warning that a recession is much more likely. |
| 1:18.3 | From the newsroom of the Washington Post, this is Post reports. |
| 1:22.2 | I'm Colby Eckowitz. It's Thursday, April 3rd. |
| 1:25.6 | Today, I talk with David Lynch, a financial writer for The Post, |
| 1:29.4 | about the impact these tariffs could have on the U.S. economy and consumers. |
| 1:43.0 | So let's start with the absolute basics. |
| 1:47.5 | What exactly are these tariffs that Trump announced yesterday? |
| 1:51.4 | Well, the first thing to understand is tariff is just a fancy word for a tax. |
| 1:55.6 | So what the president's done is he's put a new tax on all of the products that we import from other countries |
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