Tangle - Trump's "liberation day" tariffs.

Episode Date: April 3, 2025

On Wednesday, President Donald Trump announced a 10% across-the-board tariff on all U.S. trading partners, as well as heightened rates on specific countries. The 10% baseline tariff is set t...o go into effect on April 5, while the individualized duties will begin on April 9. Additionally, a 25% levy on foreign-made automobileswent into effect at midnight on Thursday. In concert with the announcement, President Trump issued an executive order declaring a national emergency due to trading practices that posed “an unusual and extraordinary threat to the national security and economy of the United States.”Ad-free podcasts are here!Many listeners have been asking for an ad-free version of this podcast that they could subscribe to — and we finally launched it. You can go to ReadTangle.com to sign up!You can read today's podcast⁠ ⁠⁠here⁠⁠⁠, our “Under the Radar” story ⁠here and today’s “Have a nice day” story ⁠here⁠.Take the survey: What do you think of the recently announced tariffs? Let us know!You can subscribe to Tangle by clicking here or drop something in our tip jar by clicking here. Our Executive Editor and Founder is Isaac Saul. Our Executive Producer is Jon Lall.This podcast was written by Isaac Saul and edited and engineered by Dewey Thomas. Music for the podcast was produced by Diet 75.Our newsletter is edited by Managing Editor Ari Weitzman, Senior Editor Will Kaback, Hunter Casperson, Kendall White, Bailey Saul, and Audrey Moorehead. Our logo was created by Magdalena Bokowa, Head of Partnerships and Socials.  Hosted on Acast. See acast.com/privacy for more information.

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Starting point is 00:01:15 I'm your host, Isaac Saul. And on today's episode, we're going to be talking about Trump's tariffs. That's right. Liberation Day is upon us. It came yesterday on Wednesday, April 2nd. Today is Thursday, April 3rd. And we are gonna jump into exactly what just happened, what it means.
Starting point is 00:01:33 I think maybe the biggest story so far of the Trump administration in terms of the breadth of the impact and the potential that has to change life for Americans. I mean, this is really important stuff. So we're going to talk about exactly what happened, share some arguments for and against from the left and the right, and then I'm going to give my take. With that, I'm going to pass it over to John for today's main topic and I'll be back for
Starting point is 00:01:59 my take. Thanks, Isaac. And welcome welcome everybody. Here are your quick hits for today. First up, Israel's Defense Minister, Israel Katz, announced that the country is expanding operations in Gaza as part of an offensive that aims to capture extensive territory that will be added to the state of Israel's security areas. Separately, Russia's President Vladimir Putin called up 160,000 men aged 18 to 30 to serve
Starting point is 00:02:29 in the Army, the country's largest round of conscription since 2011. 2. A New York judge dismissed the corruption charges against Mayor Eric Adams following the Justice Department's move to end his case. However, the case was dismissed with prejudice, meaning it cannot be brought up again at a later date. Separately, Adams announced that he would not participate in the Democratic mayoral primary and seek re-election as an independent.
Starting point is 00:02:55 The Senate voted 52-45 to confirm Matthew Whitaker, who served as acting attorney general during President Trump's first term, as U.S. Ambassador to NATO. 4. The Supreme Court heard arguments in a case brought by Planned Parenthood challenging a South Carolina law that blocks clinics that perform abortions from participating in Medicare. Separately, the Supreme Court unanimously ruled that the Food and Drug Administration acted lawfully when it blocked two vaping companies from marketing fruity and dessert-flavored liquids for their products.
Starting point is 00:03:28 And number five, severe storms are impacting large parts of the central United States, with high winds, flash flooding, and tornadoes expected to continue throughout the week. Starting tomorrow, the United States will implement reciprocal tariffs on other nations. It's been a long time since we even thought of that. Take a look at the markets this morning. Taking a plunge as investors react to the sweeping tariffs, the White House announced yesterday, the Dow, the S&P 500, and the NASDAQ were all down more than 3% at one point. On Wednesday, President Donald Trump announced a 10% across-the-board tariffs on all U.S. trading partners, as well as heightened rates on specific countries.
Starting point is 00:04:21 The 10% baseline tariff is set to go into effect on April 5, while the individualized duties will begin on April 9. Additionally, a 25% levy on foreign-made automobiles went into effect at midnight on Thursday. In concert with the announcement, President Trump announced an executive order declaring a national emergency due to trading practices that posed an unusual and extraordinary threat to the national security and economy of the United States. For context, tariffs or duties are levies that are placed on foreign goods paid by domestic importers to Customs and Border Patrol at ports of entry.
Starting point is 00:04:59 In February, President Trump announced 25 percent tariffs on Canadian and Mexican imports and a lower 10% tax on Canadian energy imports, but delayed them for one month after the countries recommitted to existing promises to enhance security at their respective borders with the U.S. In March, the tariffs briefly went into effect, but were paused again following discussions with Mexican and Canadian officials. You can read our previous coverage on Trump's tariffs with the link in today's episode description. President Trump called the announced tariffs Liberation Day in America, affirming his view
Starting point is 00:05:31 that countries running a trade surplus with the U.S. were taking advantage of the country. During his remarks on Wednesday, Trump said, our country has been looted, pillaged, raped, plundered by other nations. He added that the new tariffs, which he framed as reciprocal, would help revitalize U.S. manufacturing, cut taxes, and pay down the national debt. Many countries, including the United Kingdom, Singapore, Argentina, United Arab Emirates, and Saudi Arabia, will face only the baseline 10 percent duty. However, dozens of others, dubbed the worst offenders by the White House, will have higher
Starting point is 00:06:07 rates. These higher rates include 20% tariffs on European Union imports, 34% on Chinese imports, 46% on Vietnamese imports, and 32% on Taiwanese imports. The White House said that the individual rates were calculated based on the effective tariff rates imposed on the United States, including currency manipulation and trade barriers. In a statement on Wednesday, the United States Trade Representative shared that it calculated a country's individualized rate by dividing its trade surplus with the U.S. by its total exports. Canada and Mexico were not included in the list, but Trump said the countries will be
Starting point is 00:06:45 subject to the previously announced 25% tariffs on imports. Other exceptions include energy imports and other certain minerals that are not available in the United States. Separately, Trump signed an executive order closing the de minimis provision for low-value imports from China, an enforcement exception that had previously allowed companies to avoid import taxes and customs inspections on any international shipment with a retail value of $800 or less. Leaders across the EU criticized the tariffs and expressed concern about the ramifications of a trade war with the US. European Commission President Ursula von der Leyen said
Starting point is 00:07:23 that Trump's announcement was a major blow, but that the EU was prepared to respond. Today we'll explore arguments from the left and the right about the latest round of tariffs, and then Isaac's take. We'll be right back after this quick break. Daily Jackpots, a chance to win with every spinner and a guaranteed winner by 11pm every day. 19 plus and physically located in Ontario. Gambling problem? Call 1-866-531-2600 or visit KinectsOntario.ca Select games only. Guarantee void of platform or game managers occur. Guarantee requires played by at least one customer until jackpot is awarded or 11pm Eastern. Research and supply. See full terms at Canada.Casino.Fando.com. Please play responsibly.
Starting point is 00:08:19 With the Fizz loyalty program, you get rewarded just for having a mobile plan. You know, for texting and stuff. And if you're not getting rewards like extra data and dollars off with your mobile plan, you're not with Fizz. Switch today. Conditions apply. Details at fizz.ca. All right.
Starting point is 00:08:35 First up, let's start with what the left is saying. The left is staunchly opposed to Trump's latest tariffs, calling them a recipe for economic disaster. Some say the principles undergirding Trump's strategy are flawed. Others worried that the economy is headed for something worse than a recession. In MSNBC, Heather Boucher argued Trump's Liberation Day will only bring more chaos. In his first term, President Trump claimed that he'd revitalize U.S. manufacturing, but he failed to do so.
Starting point is 00:09:11 There's no reason to believe that doubling down on the same failed policies will do so now. There is a better way, and that comes with real federal investments into the American economy, Boucher wrote. President Trump is right to say that domestic manufacturing matters. Some goods are integral to national and economic security, so we all have an interest in ensuring reliable production within our borders or friend short. Tariffs are one tool, but on their own, they don't deliver.
Starting point is 00:09:40 After Trump put tariffs in place during his first term and gave tax cuts for the very wealthy, investment in construction and new manufacturing facilities fell. Trump thinks that the capricious on-again-off-again tariffs will lead to investment and growth, but no one can plan sound investments amid the chaos. Further, he has no plan to improve domestic industry. The lack of even the concept of a plan is showing up in the data. Already there are indications that manufacturers have scaled back their intentions by $57 billion, Boucher said.
Starting point is 00:10:13 And let's be clear. All of this is a distraction from the fleecing of America by giving $4.6 trillion in tax cuts to the wealthiest and letting Elon Musk take a chainsaw to the U.S. government. These policies will not spur growth that benefits America's working people. In the New Republic, Kate Aronoff said Trump's tariffs aren't going to work how he thinks they will. The theory goes like this. Tariffs will make Americans buy fewer imported goods.
Starting point is 00:10:41 Domestic and foreign manufacturers will be incentivized to set up plans in the United States to avoid the tariffs, revitalizing the country's manufacturing base and making its exports more competitive," Aronoff wrote. The evidence for all this is pretty thin, and it represents a strange brew of ideological tendencies. The Trump administration's protectionist policies go against decades of free trade orthodoxy about the promise of open borders and globalization, pushed for decades in the U.S. by neoliberal policymakers on either side of the aisle.
Starting point is 00:11:12 Meanwhile, the administration's vision for what happens after those tariffs go into effect is pure neoliberal market utopia. So far, this isn't going very well. In March, the Institute for Supply Management's Purchasing Management Index, a monthly survey of corporate leaders indicating manufacturing performance, dropped 1.3 percentage points below February levels to 49%, indicating that manufacturing activity is contracting rather than growing, Aronoff said. The Trump administration isn't poised to revive manufacturing so much as reward whatever companies
Starting point is 00:11:46 and executives happen to cozy up to it and fund Republican campaigns. Life will get harder and more expensive in the process, with few upsides for the millions it'd like to kick off Medicaid and Social Security. In the Washington Post, Heather Long suggested something worse could be coming for the economy than a recession. President Donald Trump is pushing the economy to a breaking point with sweeping tariffs and rapid cuts to immigration and the federal workforce. There is growing fear of not just a recession, but stagflation, a frightful situation not seen in the United States since the 1970s in which the economy contracts and people lose jobs,
Starting point is 00:12:26 but prices remain high," Long wrote. Normally, prices fall during recessions as demand dries up and retailers cut prices to try and lure people back. But Trump's intention to put tariffs on almost all imports is spooking consumers and businesses. Americans now predict inflation will jump to 5% in a year. Trump is adding to an already weakening situation with widespread tariffs that are expected to be among the biggest tax hike on Americans in years.
Starting point is 00:12:55 The U.S. economy is propelled largely by the spending and splurges of the rich and upper middle class, and now even those consumers are showing signs of cracking, Long said. While this modest stagflation probably won't be as severe as it was in the 1970s, it would still be painful and difficult to stop. Trump is counting on an economic revival from tax cuts later this year, but Goldman Sachs says that it is unlikely to be enough to offset the tariff blow. Alright that is it for what the left is saying, which brings us to what the right is saying. The right spans a range of views on the tariff plan, though many say Trump is taking bold
Starting point is 00:13:41 action to protect the country's long-term economic health, some criticize the move as a de facto tax hike on Americans. Others say the fear-mongering about tariffs' impact is overblown. In Fox News, E.J. Antony wrote, Trump's Liberation Day will help create a new golden age for American workers. Trump's reciprocal tariffs marked the opening salvos in his fight to level the international playing field for American workers and businesses. But Trump has indicated he's willing to face short-term disruptions to restore American
Starting point is 00:14:13 prosperity and create a new golden age, Antony said. For decades, America lacked this kind of leadership. Presidents of both political parties were willing to participate in a kind of unilateral free trade. Foreign companies were given access to American consumer markets, but our exporters were denied that same access to foreign markets. There are no winners in trade wars, but not everyone loses equally. While other nations have announced that they will ratchet up their onerous trade barriers
Starting point is 00:14:42 in retaliation of President Trump's reciprocal tariffs, that will simply result in further reciprocal tariffs," Antony wrote. Reciprocal tariffs are fundamentally not about protectionism, but free trade. If other nations reduce or eliminate their tariffs and non-tariff barriers, we will too. Liberation Day means the beginning of getting America off the one-way street where other nations engage in protectionism at our expense. In the dispatch, Jonah Goldberg asked, liberation day from what exactly? White House trade adviser Peter Navarro expects these tariffs to raise $600 billion annually.
Starting point is 00:15:20 Nearly every serious economist across the ideological spectrum understands that American consumers would pay the bulk of that. Thus, if successful, Trump would be imposing the largest, most regressive tax increase in history, Goldberg said. It would be regressive because the taxes would hit the poor and middle class much harder than they would hit the wealthy, because a larger share of the economy goes toward basics like gas, food, and clothes. Politically, the idea of deliberately making these things, like literally all the things, more expensive, when you're elected in large part due to popular exhaustion with inflation, is so irrational it's like the economic policy equivalent of a dolly painting," Goldberg wrote. Geopolitically, blowing up our alliances and the global economy in the name of self-sufficiency
Starting point is 00:16:09 is unfathomably idiotic. The more a country relies on tariffs to protect its economy, the poorer it is. The more friendly trading partners a country has, the stronger it is. In The Daily Caller, David Blackman said, Trump's tariff strategy isn't a big mystery. What most tend to forget, or in many cases simply ignore, about Donald Trump is that he is by his very nature a deal-maker. Using tools of leverage to negotiate deals is in his bones, and as President of the United States, he possesses more and stronger tools of leverage than any other
Starting point is 00:16:45 human on the planet," Blackman wrote. Trump's political adversaries and U.S. trading partners ignore his basic negotiation strategy, which he has laid out in multiple books. That strategy involves staking out an unreasonable position that is far beyond the actual end result he wants to achieve to force his negotiating counterparty to move in his direction and to modify his positioning until he reaches his desired outcome. Trump and the U.S. hold almost all the real leverage in these international trading relationships, and despite Liberal Party Prime Minister candidate Mark Carney's strong rhetoric, Canada and
Starting point is 00:17:21 its companies need access to the U.S. market far more than U.S. companies need access to the Canadian market, Blackmon said. The overall point is this. The world is not going to come to an end because of Trump's tariff posturing. Supply chains aren't going to shut down, energy costs aren't going to suddenly go through the roof, the economy isn't going to shed hundreds of thousands of jobs, and dogs and cats aren't going to be living together. Alright, let's head over to Isaac for his take.
Starting point is 00:17:57 Alright, that is it for what the left and the right are saying, which brings us to my take. So, let me start here with just a bit of radical honesty. I have no idea what's gonna happen now. I am not an economic journalist, an economist, a trade expert, nor a tariff expert. And our modern globalized world has never experienced any major power
Starting point is 00:18:20 trying anything like this. So I just don't know what's going to happen. Despite the confident predictions you may hear from some corners, I honestly don't think anyone does. Most of the economists that I trust and follow, regardless of their political orientation, are absolutely 100% sure that President Trump is in the process of making a massive term defining mistake. They are predicting inflation, a recession,
Starting point is 00:18:46 and an era of economic disruption that is entirely his making. They similarly predict that this tariff strategy will isolate us from our most important trading partners and push them into China's sphere of influence, an outcome that would be antithetical to one of Trump's core goals. But I've also heard some pretty compelling arguments
Starting point is 00:19:05 in the opposite direction. Serious economists like Orrin Cass or Stephen Moran have made a case for these tariffs. I recently listened to Bob Lighthizer, the former US trade representative during Trump's first term, get interviewed on Tucker Carlson's podcast. Lighthizer made a number of strong points
Starting point is 00:19:22 about the success of tariffs in the first Trump term, despite mainstream skepticism and the fact that Biden maintained many of those tariffs when he came into office. Perhaps most compellingly, Lighthizer starts by focusing on where decades of the trade practices Trump is targeting have gotten us. He asked listeners to look at our hollowed out working class towns, at our shrinking middle class, at living conditions for the two thirds of our workers without college degrees,
Starting point is 00:19:48 and then ask themselves if our modern system of global trade is really working. I think starting from a position of challenging the status quo is essential and smart, and I'm open to the idea that our trade policies, founded on an obsession with growth and cheap goods, are hurting us in the long run. If Trump's goal is to reduce the barriers on American exports other countries have erected,
Starting point is 00:20:10 he may well get a few wins. Israel, for instance, already agreed to lift all duties on U.S. imports in an effort to be exempted from new tariffs. Trump can already point to Apple, Johnson & Johnson, Eli Lilly, and Hyundai as major companies who have been talking about expanding their manufacturing operations in the United States. Yes, while Trump's belief that trade deficits represent us being taken advantage of is totally wrong in my view, it does not make those potential gains any less real. Another benchmark the administration could be hoping to achieve is to lower the yield on the 10-year treasury note,
Starting point is 00:20:45 or the T-note. That yield is the annualized return investors earn by holding a U.S. T-note with a 10-year maturity. If it is coming down, it is a sign investors are seeking safety from uncertain economic conditions. Treasury Secretary Scott Besson believes that a lower yield will force the Fed to cut rates, which the administration wants.
Starting point is 00:21:04 After the tariff announcements, the 10-year T-note yield fell, that a lower yield will force the Fed to cut rates, which the administration wants. After the tariff announcements, the 10-year T-note yield fell, potentially the exact indicator Besant was looking for. These potential objectives represent a strategic through-line the administration is articulating, but shifting and incompatible explanations for what it hopes to achieve have left its supporters haphazardly offering conflicting explanations. As The Atlantic's Derrick Thompson noted, some people in Trump's orbit say the goal is to raise trillions of dollars of revenue, then ultimately get rid of income taxes. But other supporters have said the goal is to force other countries to remove their tariffs,
Starting point is 00:21:38 creating an era of genuinely free trade. Some point to the administration's initial justification of national security, or increasing American manufacturing, or creating leverage over Mexico, or Canada, or Europe, or China, or all of them, all at once. For some people, it's about fentanyl and the imports of Chinese goods. Again, with so many explanations, it's impossible to nail down the intended goal or what success might look like. I'm not trying to be critical here for the sake of being critical. The entire situation genuinely raises a laundry list of questions about the administration's
Starting point is 00:22:12 plan. If the point is to force other countries into reciprocity and fair trade, then why did Trump move forward with a large tariff increase on Israel after it removed all of its tariffs on us? If it's to impose reciprocal tariffs, why is the Trump administration using a formula to levy these tariffs based on trade balances rather than tariff rates?
Starting point is 00:22:32 Trump has argued that if tariffs make nations poorer, then every country would be racing to eliminate tariffs, but every country has been doing that, and the poorest nations tend to have the highest tariffs. So what's the end game here? Many of these countries will have to rewrite their industrial policies before reworking their tariffs or trying to give the US what it wants,
Starting point is 00:22:50 which we think is a balanced trade deficit with individual countries, but might just be equal tariff rates. How should small developing countries react? Some of the territories on the tariff list don't even have inhabitants. It could take a country like Cambodia years to prepare before reducing its tariffs on the U.S. without cratering its own economy.
Starting point is 00:23:11 Lesotho, an African country with a GDP smaller than most U.S. territories, just got hit with a 50% tariff rate because it's a part of the South African Customs Union, the SACU. How does Lesotho work its way out of these tariffs without South Africa? And why did South Africa get a lower tariff rate than Lesotho and both tax us equally? Our treatment of Indonesia is another head-scratcher. Indonesia has high tax on coffee imports
Starting point is 00:23:37 because it is a major exporter of coffee. Trump has slapped a 32% tax on coffee imports from Indonesia, even though the United States exports zero coffee to Indonesia. Where is the reciprocity there? We've levied massive tariffs on Cambodia and Vietnam now too, potentially because a lot of countries have moved their operations out of China and into Cambodia or Vietnam to avoid the China-U.S. trade war that's been ongoing for several years now. So now, what happens to those companies? We import 98% of clothing in the United States, primarily from Southeast Asia.
Starting point is 00:24:12 Are we supposed to divert hundreds of thousands of Americans from higher paying jobs to manufacture clothing, stand up those manufacturing plants and start producing our own clothes? How does that help us? How does this help us confront China? If they are a more open trading partner than we are, won't we lose trading partners and therefore political power to them? What is the explanation for the exemptions? Oil imports have been exempted from Trump's tariffs, as have semiconductors. What are the administration's explanations for making these exemptions if the impacts of the tariffs are supposed to be so uniformly strong. We don't know, and they don't say. There are plenty of political questions too.
Starting point is 00:24:49 First, why didn't Trump's first term deal making work out? Let's not forget that we are mostly living in Trump's trade world, the one he created in his first term by abandoning the Trans-Pacific Partnership, signing new trade deals, and levying new tariffs, most of which Biden did not change in any meaningful way. He called those deals the greatest in history. Now he's trumpeting broad tariffs by arguing they're all terrible deals. Then there's the question of how he'll sell this
Starting point is 00:25:14 to the country. The initial economic analysis on these tariffs is, well, not great. The Budget Lab predicts an average loss of $3,800 in purchasing power per household in 2025. JP Morgan's chief economist said the impact of the tariffs could bring the economy perilously close to slipping into a recession this year. S&P futures tanked, losing $1.3 trillion of market cap in four minutes. Trump is following through on his campaign promises with these tariffs,
Starting point is 00:25:43 which provide some political cover. But he's also been beating the drum of the short-term pain for long-term gain. How short? Six months? A year? His entire term? We don't know and he doesn't say, but his administration will be kneecapped in 2026 if the plan is to let America's stock portfolios and retirement plans crater while he promises a golden age of manufacturing sometime in the undefined future. Some people on the left, like Senator Chris Murphy, the Democrat from Connecticut, have insisted that the tariffs are not an economic policy,
Starting point is 00:26:13 but a tool to collapse our democracy. Murphy claims what Trump really wants is a means to compel loyalty from every business leader and industry to solicit donations, public support, and fealty in exchange for sanctions relief. I don't doubt that Trump relishes the power or influence these tariffs may afford him,
Starting point is 00:26:31 but I think Murphy is wrong. For starters, I don't think this plan is going to draw industry leaders to the president for favor. I think it is going to draw their ire and probably cost Trump some support. More to the point, I think Trump's fundamental belief that the United States is getting ripped off by globalism is much like his view on immigration. It is one of the few genuine ideological perspectives that he is rigid and consistent on. He has had it since long before he was in office and tariffs have always been a key
Starting point is 00:26:58 part of the resolution in his mind. With only one term left, he seems to earnestly believe he can pursue them without facing real political consequences and without inflicting too much economic damage on the American people. I suppose, now, we are about to find out how true all of that really is. We'll be right back after this quick break. We'll be right back after this quick break. guaranteed winner by 11 p.m. every day. With the Fizz loyalty program, you get rewarded just for having a mobile plan. You know, for texting and stuff. And if you're not getting rewards like extra data and dollars off with your mobile plan, you know, for texting and stuff. And if you're not getting rewards like extra data and dollars off with your mobile plan,
Starting point is 00:28:07 you're not with Fizz. Switch today, conditions apply, details at fizz.ca. All right, that is it for my take today. This podcast got a bit long because of how deep we went on tariffs. So we're skipping today's questions answered, and I'm going to send it back to John for the rest of the pod. And I'll see you guys tomorrow.
Starting point is 00:28:34 If you remember, we've got a podcast coming out tomorrow. I'm writing it. I'm not sure if I'll be on the mic tomorrow. I've got a travel day back from West Texas to Philadelphia and I am still hoping to publish a piece about some of the due process stuff happening in the country right now. So somebody will be on the mic recording that personal opinion piece that we're going to publish tomorrow. So keep an ear out for that. Otherwise, we'll see you Sunday for our Sunday podcast with me and Ari and
Starting point is 00:29:05 a special guest coming on the show, Camille Foster, who I'm very excited about. It's going to be a really great show. So we'll see you then. Have a good one. Peace. Thanks Isaac. Here's your under the radar story for today, folks. The Trump administration has extended a second round of buyout offers to thousands of federal workers as part of its efforts to cull the federal workforce. The offer mirrors the terms of the first deal sent in February, giving workers the choice to resign from their positions and be paid through September. Roughly 75,000 federal employees took the deal in the first round and some are reportedly more receptive to the offer now.
Starting point is 00:29:47 It feels more structured and less chaotic than the first time, one anonymous Agriculture Department employee said. We'd work with our agency instead of responding to a mysterious OPM inbox, not knowing if the government would actually carry through on the agreement. The Washington Post has this story, and there's a link in today's episode description. All right, next up is our numbers section. The additional tariff rate levied on imports from China in the Trump administration's latest round of tariffs
Starting point is 00:30:19 is 34%. China imports as a share of total U.S. imports is 13.4%. The additional tariff rate levied on imports from the European Union is 20%. European Union imports as a share of total U.S. imports is 18.5%. The value of Chinese exports of low-value single packages exempt from import taxes in 2018 was $5.3 billion, according to the Congressional Research Service. The value of Chinese exports of low-value single packages exempt from import taxes in 2023 was $66 billion.
Starting point is 00:30:57 The percentage of U.S. adults who agree and disagree, respectively, that President Trump's moves to shake up the economy are too erratic is 57% and 31% according to a March-April survey from Reuters Ipsos. And the percentage of Republicans and Democrats respectively who think President Trump's moves to shake up the economy are too erratic is 25% and 90%. And last but not least our have a nice day story. The home of Harriet Tubman's father, Ben Ross, was discovered in Maryland in 2020. However, due to its location on a tidal wetland, rising sea levels threatened its preservation.
Starting point is 00:31:38 State archaeologists took innovative action to ensure its accessibility, creating an interactive virtual museum with 3D models, photographs, and detailed information about the findings at the historical site. The creation of the virtual museum is not just an effort to protect the artifacts, but also a way to ensure that the history of Ross, Tubman, and the region's enslaved people is not lost," Ella Jeffries wrote. Smithsonian Magazine has this story and you can check it out with the link in today's episode description.
Starting point is 00:32:07 Alright everybody, that is it for today's episode. As always, if you'd like to support our work, please go to READTANGLE.COM where you can sign up for a newsletter membership, podcast membership, or a bundled membership that gets you a discount on both. In tomorrow's Members Only Friday edition, Isaac will be making the case for due process for anyone on American soil and explaining how the recent deportation stories represent a genuine threat to American citizens. To receive access to that and future Friday editions, Sunday editions, interviews, and
Starting point is 00:32:38 so much more, you can head over to our membership page and sign up for one of our options. Isaac and Ari will be here with the Sunday podcast and I will return on Monday. For the rest of the crew, this is John Law signing off. Have an absolutely fantastic weekend, y'all. Peace. Our podcast is written by me, Isaac Saul, and edited and engineered by Duke Thomas.
Starting point is 00:33:01 Our script is edited by Ari Weitzman, Will Kavak, Gell Esol, and Sean Brady. The logo for our podcast was made by Magdalena Bikova, who is also our social media manager. The music for the podcast was produced by Diet 75. And if you're looking for more from Tangle, please go check out our website at readtangle.com. That's readtangle.m. every day.
Starting point is 00:33:49 19 plus and physically located in Ontario. Gambling problem? Call 1-866-531-2600 or visit kinexontario.ca. Select games only. Guarantee void of platform or game outages occur. Guarantee requires played by at least one customer until jackpot is awarded or 11 p.m. eastern. Research and supply. See full terms at canada.casino.famil.com. Please play responsibly. With the Fizz loyalty program, you get rewarded just for having a mobile plan. You know, for texting and stuff. And if you're not getting rewards like extra data and dollars off with your mobile plan, you're not with FIZ. Switch today. Conditions apply. Details at FIZ.ca.

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