Trump's Trade Wars and the Decline in U.S. GDP

The U.S. economy shrank in the first quarter of 2025, according to data released this week, and public companies on their earnings calls have recently warned about tariff effects, slowing consumer spending, and coming price increases. On the other hand, the jobs figures for April look solid. Yet nobody knows whether President Trump's Liberation Day tariffs are coming back. Learn more about your ad choices. Visit megaphone.fm/adchoices

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From the award-winning opinion pages of The Wall Street Journal, Paul Gigot, Kim Strassel, Bill McGurn and Kyle Peterson discuss the latest from Washington. Get critical perspective and the analysis you need on developments from the nation’s capital. Join them every weekday. Send your feedback to pwpodcast@wsj.com