Matt Gagnon discussed the impact of President Trump’s new tariffs, which include a 10% baseline rate on all imports and higher rates for countries deemed bad actors. Stock futures plummeted, with the Dow losing over 1000 points, the S&P 500 dropping 2.5%, and the Nasdaq falling 3.4%. Gagnon explained that the tariff rates announced by the White House are not actual tariff rates but a combination of trade deficits, currency manipulation, and other factors. He also touched on the historical context of tariffs, noting that protectionism has long been a part of conservative politics, contrasting past protectionist views with the current push for free trade.