President Donald Trump unveiled sweeping tariffs on American imports, with the levies coming in higher than expected. Do we need to be stockpiling our carts to get in front of rising costs? We asked economists how they’re personally preparing for higher prices. Plus, Reema and Kimberly unpack international responses as countries buckle up to negotiate — or take retaliatory measures. Also, why are we putting tariffs on uninhabited islands near Antarctica?

Here’s everything we talked about today:

• “Tariffs Will Hit All U.S. Imports. Price Hikes for These Items May Surprise You” from The Wall Street Journal
• “Tariff-related layoffs hit five US auto plants that supply factories in Canada and Mexico” from CNN Business
• “Sweeping Trump tariffs shock global economy, draw calls for talks” by AP News
• Watch: “In Full: Prime Minister Anthony Albanese responds to new US tariffs” by ABC News Australia on YouTube
• “‘Nowhere on Earth is safe’: Trump imposes tariffs on uninhabited islands near Antarctica” by The Guardian
• “The Blunt Force Trauma of the Trump Tariffs” from Wired
• “Support Grows for President Trump’s America First Reciprocal Trade Plan” from The White House

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

Keyed to President Donald Trump’s tariff announcement today, Kimberly and Sabri unpack some of the messaging about the impact tariffs had during the president’s first term and explain why many of those claims are overblown. Plus, why we’re smiling about Sen. Cory Booker’s historic speech and how Sabri fell victim to April Fools’ Day shenanigans! (Note: This episode was recorded prior to Trump’s speech.)

Here’s everything we talked about today:

• “Trump’s Tariffs Make the Fed’s Interest Rate Decisions Tougher” from The New York Times
• “Tariffs Work — and President Trump’s First Term Proves It” from The White House
• “Economic View: Tariffs Have Strengthened the U.S. Economy” from the Coalition for a Prosperous America
• “Economic Impact of Section 232 and 301 Tariffs on U.S. Industries” from the United States International Trade Commission
• “ITC Study Proves Effectiveness of China Tariffs on Boosting Domestic Production, Reducing Dependence on Imports” from the Coalition for a Prosperous America
• “Home Depot to Charge For Parking to Combat Inflation” by Pro Tool Reviews
• “Booker sets new record for longest Senate floor speech” from Roll Call
• @kimberlyadams.bsky.social‬ via Bluesky

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

The idea that the government should be run more like a business isn’t new. But with two businessmen, Donald Trump and Elon Musk, now taking a proverbial chainsaw to the federal bureaucracy all in the name “efficiency,” this theory is being put to the test. While it’s an appealing idea, Philip Joyce, professor of public policy at the University of Maryland School of Public Policy, said governments can’t afford to take risks the way businesses can. On the show today, Joyce explains the origins of the idea that the government should be run like a business, how we define “success” differently for the two entities, and how the way Trump and Musk do business is showing up in the White House.

Then, we’ll break down the high stakes of today’s special elections in Wisconsin and Florida. Plus, reflections on serendipitous moments in walkable communities and what we gain by admitting we were wrong.

Here’s everything we talked about today:

• “Why Running the Government Like a Business Would Be a Disaster” from The New York Times
• “The US Government Is Not a Startup” from Wired
• “The US Postal Service has been struggling for years. Now Trump’s talking about privatizing it” from AP News
• “DOGE wants businesses to run government services ‘as much as possible’” from The Washington Post
• “UPDATE: RECOVER Long COVID pathobiology grants restored” from The Sick Times
• “NIH restores some long COVID grants” from C&EN
• “What to Watch in Wisconsin’s Supreme Court Election and Florida’s Special Elections” from The New York Times
• “What to watch for Tuesday in Wisconsin’s high-stakes Supreme Court race and special elections in Florida” from CNN Politics
• “Control of the Wisconsin Supreme Court is at stake in race that’s drawn powerful political interests” from AP News
• “Volume 52 | Issue 1 | February 2025” from the American Ethnological Society

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.