President Donald Trump's tariffs are creating uncertainty in the markets -- perhaps deliberately so -- and they have also accelerated a confrontation with China. We need to know how this is going to end, or it could end badly.
Trump was on solid ground when he proposed reciprocal tariffs -- i.e. applying the same tariffs to other countries that they apply to us, in an effort to restore truly free trade. But that effort has been complicated by two other factors.
One is that the Trump White House chose to include non-tariff barriers to trade in its calculation of what other countries have been charging the U.S. Fair enough, but the method of calculating those barriers is rather uncertain.
The other is that Trump appears to see a long-term role for tariffs as a way to generate revenue for the federal government, even replacing income taxes. It is hard to imagine that tariffs alone can generate nearly enough revenue.
After the initial turbulence following April 2 -- "Liberation Day" -- the markets stabilized on Tuesday, on news of the European Union seeking a deal with Trump, before sinking against after Trump announced higher tariffs on China (50% more, 104% total!) over its own retaliatory tariffs. How does this end?
In the best-case scenario, Trump's aggressive approach leads to trade deals that reset world trade on terms that are fairer to the United States. In the worst-case scenario, Trump's tariffs trigger a recession, even a depression.
I think that even in the worst-case scenario, the U.S. will come out ahead, after much suffering. The question is whether that pain is really necessary, and necessary now. If so, perhaps better now than later. Still, it is going to hurt.
What we see emerging, so far, is a kind of middle scenario, one in which some countries seek deals with the U.S., and some (China, really) do not. The world will divide into trading blocs. We will suffer, though perhaps in a limited way.
I think the American public would accept that, if people could understand that the pain is temporary and the payoff is big enough to justify it. We don't know that, and the White House is not making the case. At least, not now.
Secretary of the Treasury Scott Bessent has been very good, but economic adviser Peter Navarro has been less effective. I would speculate that prison -- where he was unjustly sent -- had a bad effect on him. But it is what it is.
I'm a free trade guy, by nature. I used to think that protectionist arguments were cheap and, frankly, stupid. I changed my mind when I saw Trump successfully using tariffs as diplomatic weapons in his first term. But this is much bigger.
On the one hand, this is why you need a president who does not have to think about re-election: to do hard stuff. On the other hand, we're all on the hook.
I don't know what to expect, and I suspect that few of the people who say they know -- for better or worse -- actually do, either. That uncertainty is a problem in itself. We need to see some direction, and some boundaries. Soon.
This week's portion describes various different kinds of sacrifices brought by the priests in the Temple, as well as the investiture ceremonies for Aaron as the High Priest (Kohen Gadol), which was performed before all the people.
This is also Shabbat HaGadol -- the "Big Sabbath" that precedes Passover, which begins at sundown. (There is a whole discussion in the Talmud, in Tractate Pesachim, about what to do if the Sabbath precedes the holiday.)
The blessings of the Sabbath are considered even more important for a people about to be liberated from slavery. The Sabbath is the ultimate expression of freedom -- freedom from work, and even from worldly cares.
I'd like to share this excellent article by Agam Berger, a freed Israeli hostage who kept up her Jewish observance, to the extent possible, in captivity. Her faith guided her through. For her, the Passover miracle is a lived experience.
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Well, we have a LOT to talk about regarding the economy. The tariffs have finally arrived, and with them a decline in stock prices -- to put it mildly. But other prices are dropping, too -- including interest rates and gas prices.
What does this all mean?
We'll also explore the implications for foreign policy, especially regarding China, with the TikTok deadline pushed off by 75 days, and Russia and Ukraine getting nowhere nearer to a deal.
And we'll talk about where Trump is heading next, with our own White House correspondent, who has unparalleled access to the Oval Office and all of the information you could possibly hope to have about the week ahead.
Special guests:
John Carney -- Breitbart News financial editor, on tariffs and markets
John Hayward -- Breitbart News foreign correspondent, on world affairs
Nick Gilbertson -- Breitbart News White House correspondent, on Trump
Tune in: SiriusXM Patriot 125, 7-10 p.m. ET, 4-7 p.m. PT
Call: 866-957-2874
This week's portion launches the book of Leviticus. Commonly disdained for its intense focused on priestly rituals and sacrifices, Leviticus is essential to understanding the spiritual relationship between God and the Jewish people.
I must admit that my eyes glaze over when I read about the intricacies of the Temple service, and all the details of the sacrifices that are to be performed. Other people -- true scholars -- seem to have infinite patience for these laws.
Then I think about rituals that I do find fascinating, such as the ritual of the mikvah, which involves immersing yourself in water to renew your soul and connect to God. You can do this through almost any natural body of water.
If you feel a connection to a particular form of observance, then it holds a fascination for you. Some feel that way about prayer; some feel that way about charity. For some, it is the study of the laws of sacrifices in Leviticus.
In the Jewish eschatology, the Temple sacrifices will resume when ...
