Three Emoji Theory of Trump's Tariff Policy

With DOGE taking aim at Social Security, growing concern over the disbanding of committees that produce government data, and policy uncertainty (especially around tariffs) roiling financial markets, I’ve been fielding a larger than usual volume of press/media inquiries.

Last night, I agreed to squeeze in one last interview, speaking to a European television audience about “Trump’s trade war.” The problem with trying to explain any of this is that the Trump administration’s own story about what the tariffs are supposed to accomplish is often naive, disingenuous, or internally inconsistent. I don’t know a single economist who feels like they’ve got a good handle on what, exactly, the president hopes to accomplish with all of these tariffs.